New Delhi-based co-working space solutions provider, Awfis, recently announced that it has raised ₹40 crore in debt and equity through its ongoing Series D round funding. The round saw participation from its existing investors Bisque Limited and Link Investment Trust.
The WeWork inspired proptech company started its Series D round last year in August. The company had raised $30 million as the first tranche led by ChrysCapital.
According to the RoC filing submitted to Ministry of Corporate Affairs by the company, Awfis has allotted 39,400 Series D1 compulsorily convertible debentures (CCD) carrying a nominal coupon rate of 0.001% at Rs 10,000 per share to Bisque Limited to raise Rs 39.4 crore in debt.
In addition, Link Investment Trust infused Rs 60 lakh equity funding in exchange for Rs 36,878 Series D1 compulsorily convertible preference shares (CCPS) making the total consideration raised worth Rs 40 crore.
Founded in 2015 by Amit Ramani, the company has so far raised about $78.9 million across five funding rounds. The company is also backed by Sequoia Capital India and InnoVen Capital. Currently, the company employs about 100 employees and is mainly functioning in New Delhi and NCR.
The recent funding in the company comes at a time when all the office space providers in the country are witnessing a decline in their business due to the coronavirus pandemic.
As the nationwide lockdown puts a hold on employees going to offices and freelancers working from their home instead of public places the company is holding tight to its cash amid zero demand. Awfis was also reportedly working with its landlords to seek a waiver on rentals as many customers are not being able to pay the rent of the co-working spaces due to loss of income and jobs.
Recently, Softbank-backed co-working giant WeWork laid off about 2,400 employees globally and scaled down its expansion plans until the coronavirus crisis is over.
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