Notable Indian coworking operator Awfis is poised for growth and on the way to going public according to its CEO.
This week, Amit Ramani said that the company’s revenue saw a two-fold jump thanks to the spike in demand for flexible work options.
Currently, Awfis has 150 locations, making up nearly 90,000 desks across 17 cities.
“Our revenue grew to ₹280 ($34 million) crore in last financial year from ₹220 (nearly $27 million) crore in previous fiscal year. This financial year, we are targeting around ₹600 crore (roughly $72 million) revenue,” said Ramani.
This growth is attributed to the growing number of companies and individual workers who are seeking an alternative workplace to cut down on office costs or have an office outside of home.
Currently, Awfis locations that are operating for over six months were found to have 85% occupancy levels, with 35% of its members comprising of large companies.
With the company on a healthy trajectory, Ramani confirmed plans to go public by December of next year.
“We will start preparation from April onwards and plan to file the Draft Red Herring Prospectus (DRHP) with Sebi by middle of the next year.”