In a bulk deal worth INR 26.64 Cr, QRG Investment & Holdings, an initial investor in Awfis, has sold off 3.89 lakh shares of the coworking space provider.

Amit Ramani established Awfis in 2015, and the company asserts that it is the largest operator of flexible spaces in the nation.  It runs 208 centres with a total of 1.34 lakh seats across 17 Indian cities.  Throughout the years, it has transformed from a coworking network into a platform for tech-enabled workspace solutions, serving enterprises, freelancers, startups, and SMEs.

The BSE data indicates that the family office of Anil Rai Gupta, chairman of Havells, sold shares of the company yesterday at INR 685.01 each.  On the BSE, the stock finished the trading day yesterday at INR 658.6, representing a decrease of 3.1% from its prior closing value.

Related: Investors Peak XV, Bisque Sell Shares of Office Lending Startup Awfis Worth INR 606 Cr

QRG Investments & Holdings, which was among the first to support Awfis, is the company’s second largest shareholder, following Bisque Ltd.  At the end of the March quarter, the family office’s stake in the coworking space provider was 7.12%.

In the previous month, the board of directors of the company sanctioned amendments to its memorandum of association (MoA) aimed at broadening its objects clause and entering the “furniture, fixtures, and related goods” segment necessary for establishing coworking spaces.

In that same month, the company’s board sanctioned the promotion of Sumit Lakhani, who was serving as deputy CEO, to the position of CEO.

Awfis’ consolidated net profit skyrocketed 8 times to INR 11.2 crore in Q4 FY25 from INR 1.4 crore in the same period last year.  During the quarter being reviewed, its operating revenue increased by 46% to INR 339.7 Cr, up from INR 232.3 Cr in Q4 FY24.

In the midst of fluctuations in the Indian equity market, Awfis shares have declined by more than 8% year-to-date (YTD).  Over the past year, the stock has risen by over 37.7%.