Awfis, a co-working space provider, is gearing up for expanding its footprint by penetrating into Tier-II towns and solidifying its presence in existing Tier-I cities.
Awfis plans to utilise commercial spaces such as shopping malls, hotels and other offbeat sites with low rentals and make it more accessible to people. Nearly 80% of its client base includes corporates and SMEs. The focus now is on the Tier-II cities like- Kochi, Jaipur, Bhubaneshwar, Ahmedabad and Indore.
"Commercial office spaces apart, we are also looking at idle capacities in unconventional asset classes like a shopping mall or hotel or even educational institutions where co-working spaces can come up" - Amit Ramani, CEO & Founder of the Awfis co-working.
Currently, it has established co-working space in Ambience Mall in Gurugram, Raghuleela and Heera Panna malls in Mumbai, and Nucleus mall in Pune, Taj Deccan hotel in Hyderabad and at the DERBI Foundation, Dayanand Sagar University in Bengaluru.
“We are in discussions with some of the landlords who own such unconventional assets for conversion,” Ramani said.
Awfis offers a shared space for a price range of Rs 5,000-15,000 per seat.With a customized mobile application enabling users to find, review, book work spaces in its centre's on a real-time basis, Awfis has created an innovative ecosystem of an affordable, tech-enabled, collaborative, high energy co-working space for the entrepreneurial community.
Founded in April 2015, with a business model of ‘share economy’ the aim is to build creative workspaces and make it accessible to the more people. Currently, it has its base in Delhi, Bangalore, Hyderabad, Mumbai, Gurgaon, Noida, Kolkata, Pune .Besides, the co-working and office space platform, at present, awfis has a capacity is 25,000 seats in about 1.5 million sq ft, across 55 centres, with 15000 members across 9 cities. Earlier awfis had secured $20 million from Sequoia Capital. The company plans go public in the next couple of years.
Co-working space is expected to worth over $2.2-billion market in India by 2022.