Co-working space provider Awfis, backed by Peak XV, files IPO papers: Report

Awfis, a leading provider of coworking spaces and backed by marquee investors including Peak XV Partners (formerly Sequoia Capital India and Southeast Asia), has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). 

The Initial Public Offering (IPO) consists of a fresh issue of Rs 160 crore and an offer-for-sale component of up to 1 crore shares. The development was first reported by The Economic Times.

Peak XV Partners, previously known as Sequoia Capital India, plans to divest over 50 lakh shares in this IPO. Additionally, Mauritius-based investor Bisque Ltd intends to sell nearly an equivalent number of shares in the IPO. Link Investment Trust is also set to offload over 75,000 shares in Awfis Space Solutions as part of the public offering.

Established in 2015 by Amit Ramani, Awfis has undergone a transformation from a mere coworking network to a technology-enabled workspace solutions platform. Its services cater to a diverse range of clients, including freelancers, startups, SMEs, large corporations, and MNCs. 

With nearly $90 million raised through various funding rounds, Awfis competes directly with industry players such as WeWork, 91Springboard, OYO’s Innov8, and BHive.

As of June 30, 2023, Awfis operated 121 centers in 16 cities across India, offering a total of 70,242 operational seats. The company reported having 2,139 clients during the same period.

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