New Delhi-based coworking firm Awfis has announced it raised $30 million in a Series D financing round that will be put towards expansion across India.
Awfis currently has 63 centers across nine cities in the country, with a capacity to accommodate 30,000 people across all of its locations. With the new funding, CEO Amit Ramani said the firm will use it to add 340 centers in the next year-and-a-half with plans to go public in 2022.
The firm operates through landlord agreements where it splits the profits with building owners, as well as managing operator where it takes a cut of the revenue.
Despite growing competition in the country, with firms such as 91Springboard and WeWork, Ramani said he finds the competition educational for the public.
“Competition is great,” said Ramani. “It helps educate the market. People have more choices.”