Awfis Space Solutions: Flexing its Muscles in the Market

Awfis is a venture backed startup that got listed. It is common for such companies to have to low promoter holding.

It has gone through several rounds of funding since its inception. Here’s a summary of its funding history:

1. Seed Funding (2015):

   • Awfis was founded in 2015 by Amit Ramani. The company received its initial seed funding of approximately $10 million from The Three Sisters: Institutional Office, the family office of the promoters of the Bajaj Group.

2. Series A (2017):

   • In 2017, Awfis raised around $20 million in a Series A round led by Sequoia Capital, one of the most prominent venture capital firms. This round was crucial for expanding its footprint across India.

3. Series B (2018):

   • Awfis secured $20 million in its Series B funding round from Sequoia Capital and The Three Sisters: Institutional Office. This round was used to expand its presence in Tier 2 cities and to enhance its technological capabilities.

4. Series C (2019):

   • The company raised $30 million in Series C funding, with Sequoia Capital continuing to back the company, along with other investors. This round focused on further expansion and strengthening the company’s position in the competitive coworking space market in India.

5. Debt Funding (2020):

   • Awfis also raised around $13 million through debt funding to support its operational needs during the pandemic when the demand for coworking spaces saw a temporary decline.

6. Pre-IPO Funding (2023):

   • Ahead of its Initial Public Offering (IPO) in 2024, Awfis raised additional funds through a pre-IPO placement to strengthen its balance sheet and prepare for the public listing.

7. IPO (2024):

   • Awfis launched its IPO in May 2024, raising ₹598.93 crores (~$72 million) from the public. The IPO included a mix of fresh equity and an Offer for Sale (OFS) by existing shareholders.