Co-working start-up Awfis revenue jumps nearly 3-fold to Rs 158 crore

Key Highlights

Awfis revenue jumps three times at Rs 158 crore from last fiscal year.

Awfis targets to double its capacity to 60,000 seats by March 2020.

Awfis plans to grow exponentially in the next few years and aim to go public by 2022.

In present’s era of innovation demand for shared office space from small to big corporate and startups are aggressively enhancing in market and startups in this market are gaining enormous revenues. Similarly, Co-working space operator Awfis has also gained approximately three-fold jump in its revenue during the last fiscal at Rs 158 crore from Rs. 56 Crore.

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Awfis CEO and founder Amit Ramani says, since initiating of our journey at 2015 we have become profitable at entity level from November last year and are targeting to launch a public issue in 2022. Start-up has till now raised $51 Million to assist its business in growing. Startup’s last funding round was held in July 2018 when it raised $20 million from Sequoia Capital. Awfis is currently operating 63 centers, housing 30,000 seats, across 10 cities. It charges between Rs 5,000 to Rs 20,000 per seat, but the average cost is Rs 10,000.

Start-up is targeting to double its capacity to 60,000 seats by March 2020. Company is also planning to expand its business in five more cities including Indore, Ahmedabad, Kochi, Bhubaneswar, and Jaipur by the end of this fiscal year. Company is also targeting to achieve revenue of more than Rs 300 crore in 2019-20 fiscal. Currently, the company revenue has already touched to Rs 20 crore, and this is expected to rise to around Rs 35 crore by March next year.

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Ramani said, “FY18-19 was another strong year for Awfis from a business point of view which is a clear reflection of market sentiments and the positive customer response that our value-driven product has been able to garner. We expect Awfis to grow exponentially in the next few years and we aim to go public by 2022.”

Company has also launched a new product Awfis Enterprise Solutions to handle corporate demands. This move is focused to offer fully customized offices for companies across the country. This program gift facility to companies to outsource the designing, building, and managing of their own office space.

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