The Delhi-based Coworking space, Awfis Space Solutions is in discussions to end a $25 million funding round by the private equity firm, ChrysCapital, as informed by two anonymous sources to the Indian daily news, The Economic Times.
Sequoia Capital, Innoven Capital and Three Sisters are financial backers of the coworking space, Awfis. The company will deploy proceeds to increase its growth rate as the competitors have doubled down in the co-working space segment.
For ChrysCapital, which leads the funding round and also holds assets worth $3 billion; this investment will be of prime importance as it is the companys foremost bet on newly initiated tech-enabled business. Generally, the private equity investors make fewer bets on internet companies but have exhibited an interest in platforms which have offline as well as an online presence.
Awfis is originally funded by Three Sisters and earlier on, raised roughly $ 51 million as a blend of debt financing and equity. The company has also proclaimed about a $20 million round of funding led by the existing investors in July 2018.
In FY 2018-19, Awfis said that its revenue increased by three times from INR 56 Crore to INR 158 Crore. It has also projected an increase in proceeds up to INR 300 Crore in the present year.