Co-working startup Awfis gets another tranche of funding, valuation hits $100 mn

Co-working startup Awfis gets another tranche of funding, valuation hits $100 mn
Photo Credit: Photo Credit: Pixabay
24 May, 2019

Delhi-based Awfis Space Solutions Pvt Ltd, which offers shared working spaces, has received a tranche of Rs 25 crore ($3.6 million) that was part of a funding round announced last year.

This has helped increase the company’s valuation to $100.72 million, according to TechCircle estimates based on its filings to the Registrar of Companies.

In July 2018, Awfis had announced raising $20 million in its Series C round of funding from Sequoia Capital, Innoven Capital and The Three Sisters: Institutional Office, the family office run by Radha, Raakhe and Roshini Rana Kapoor, the three daughters of Yes Bank founder Rana Kapoor.

The company has now received the second tranche of this round. It issued Series C1 cumulative compulsory convertible preference shares (CCCPS) at Rs 162.7 each. Sequoia Capital India purchased 7,68,309 shares for Rs 12.5 crore.

RAB Enterprises (India) Pvt. Ltd, which is co-owned by Alkesh Tandon, husband of Rakhee Kapoor, invested Rs 7.35 crore to buy 4,51,766 shares. DOIT Urban Ventures (India) Pvt. Ltd invested Rs 5.15 crore to buy 3,16,543 shares.

According to media reports, the company had received the first tranche of Rs 71.59 crore in August 2018 from Sequoia and DOIT Urban Ventures.

Awfis had raised $20 million from Sequoia in a Series B round in April 2017. The company was jointly incubated with a total capital investment of $11 million in April 2015 by Amit Ramani and The Three Sisters.