This Startup is Changing the Way India Works—One Desk at a Time

Imagine a world where you don’t need to invest in expensive office spaces, manage maintenance issues, or worry about long-term leases. Instead, you walk into a stylish, fully-equipped workspace, plug in your laptop, and start working. That’s the concept behind Awfis, India’s largest flexible workspace provider.

Founded in 2015 by Amit Ramani, Awfis began with a simple vision: to revolutionize how Indians work. At the time, coworking was still a new concept in India, but cities like Mumbai, Bangalore, and Delhi were already seeing an increase in demand for flexible office solutions. Startups, freelancers, and even large companies were looking for affordable, hassle-free office spaces and Awfis stepped in to meet that demand.

Growth and Expansion: Smart Partnerships

A key factor in Awfis’s success has been its strategic partnerships. In 2021, the company collaborated with Prestige Group to open multiple centers across Bangalore, Hyderabad, and Chennai, boosting its footprint in prime business hubs. Awfis also worked closely with Anarock, a leading real estate consulting firm, to expand its operations and enhance revenue streams.

Recognizing the growth potential in Tier-2 cities, Awfis started expanding beyond metros in 2018. Today, it operates in 16 cities and 48 micro-markets, serving over 2,295 clients across industries. Recent expansions include new centers in Lucknow, Indore, Jaipur, Nagpur, and Guwahati, helping Fortune 500 companies establish dedicated workspaces in these emerging business locations.

Financial Growth & IPO: A Big Milestone

Investors quickly saw Awfis’s potential. The company raised multiple rounds of funding, including:

• $20 million (Series B) from Sequoia India (2017)
• $20 million (Series C) for further expansion
• $30 million (Series D) from ChrysCapital (2019)

By 2024, Awfis had reached a revenue of INR 545.3 crore, marking a 74.85% CAGR from fiscal 2021-2023. This growth led to a successful IPO in May 2024, raising between INR 577-599 crore, including INR 2 crore in employee reservation shares.

As of February 2025, Awfis has a market capitalization of approximately $567 million (~INR 5,000 crore) and has delivered a 60% return since going public.

Overcoming Challenges

Like any startup, Awfis faced its fair share of challenges. The COVID-19 pandemic was one of the biggest hurdles, as offices shut down and people started working from home. But instead of slowing down, Awfis adapted and innovated:

• Flexible contracts: Short-term office rentals gained popularity as businesses sought agility.
• Enhanced safety measures: Strict hygiene protocols reassured workers returning to offices.
• Hybrid solutions: Companies started using coworking spaces as satellite offices for employees who didn’t want to commute daily.

These strategies helped Awfis bounce back stronger than ever, with revenues growing at a 74.85% CAGR between 2021 and 2023, reaching INR 545.3 crore.

The Big Moment: Going Public

In May 2024, Awfis made history by launching its IPO (Initial Public Offering). With a size of INR 577-599 crore, it was one of the most anticipated public listings in the coworking industry. The company’s shares debuted on the BSE and NSE, marking a new chapter in its journey.

Investors were optimistic, and for good reason, Awfis had already proven its potential. Within months of its listing, the stock delivered a 60% return, valuing the company at ₹5,000 crore (~$0.5 billion). Compared to global giants like WeWork, which once had a valuation of $47 billion, Awfis is still in its early stages, but its growth trajectory looks promising.

New Openings: Expanding to More Cities

Awfis continues to strengthen its presence across India:

January 2025: Opened a 48,000 sq. ft. coworking center in Gomti Nagar, Lucknow, marking its presence in nine Tier-2 cities.

February 2025: Leased 197,000 sq. ft. of office space in Pune’s Kharadi area, reflecting a surge in demand for flexible workspaces among IT and corporate firms.

With over 200 centers (operational and LOI) across 18 cities, Awfis is one of India’s largest coworking space providers.

Future Plans: What’s Next for Awfis?

Awfis has ambitious plans for the future, aiming to:

• Expand deeper into Tier-1 and Tier-2 cities (targeting Lucknow, Vijayawada, Guwahati, and beyond).
• Innovate with AI-driven workspace solutions to optimize office management.
• Strengthen facility management and event hosting services.

Despite strong competition from WeWork, Smartworks, IndiQube, 91Springboard, and Bhive, Awfis stands out with its strong financial backing, innovative business model, and commitment to flexible, customer-centric workspaces.

Final Thoughts: Awfis’s Impact on Coworking in India

In less than a decade, Awfis has evolved from a startup into India’s largest coworking space provider, playing a crucial role in shaping the country’s flexible workspace ecosystem. With a proven track record of innovation, strategic expansion, and financial resilience, Awfis is well-positioned for continued growth in the ever-evolving world of work.

For investors, businesses, and professionals seeking the future of work, Awfis remains a company to watch.

Image source: myhq