Join our Waitlist for Expert Advice!

Leading the Charge: How Awfis became a Public Company in the challenging coworking space sector Recovery from the pandemic has positioned Awfis to go public, with an IPO size of INR 577-599 crore, including INR 2 crore in employee reservation shares.

By Prince Kariappa

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Awfis
Amit Ramani, Chairman and Managing Director at Awfis, addressing the gathering at the press conference in connection to its Initial Public Offer (IPO).

The modern way of work has seen a shift from traditional office setups to flexible, community-driven coworking spaces. It originated in the mid-2000s, and the movement was notably marked by Brad Neuberg's establishment of the 'San Francisco Coworking Space' in 2005. Since then, the concept has amassed global attention, propelled further by the rise of the freelancing industry and a demand for flexible work environments.

India welcomed the culture with open arms in the early 2010s, where numerous coworking spaces thrive in cities like Mumbai, Bangalore, and Delhi. Companies like Awfis, Innov8, and 91springboard have been at the forefront, offering solutions for startups, SMEs, and larger enterprises.

Awfis: Idea to IPO

Established on December 17, 2014, Awfis Space Solutions Pvt. Ltd (now Awfis Space Solutions Ltd) has become one of India's largest providers of flexible workspace solutions. Founded by Amit Ramani, a Cornell alumnus, the company now operates in 16 cities, across 52 micro-markets, serving over 2295 clients. By 2019, Awfis had secured significant investment, including $154 million from Sequoia Capital India and others, enabling the establishment of 169 centers with 105,258 seats.

Pandemic Challenges and Recovery

The COVID-19 pandemic posed significant challenges for Awfis, with lockdowns and social distancing measures leading to reduced occupancy rates. In response, Awfis introduced enhanced hygiene measures, flexible short-term contracts, and virtual services to support businesses returning to work.

As the pandemic subsided, Awfis formed strategic partnerships with major conglomerates like Prestige Groups and Anarock, driving revenue growth of 74.85% CAGR from fiscal 2021 to 2023, reaching INR 545.3 crore. This recovery has positioned Awfis to go public, with an IPO size of INR 577-599 crore, including INR 2 crore in employee reservation shares.

Future Prospects

Looking ahead, Awfis aims to expand further into Tier-1 and Tier-2 cities, targeting locations such as Lucknow, Guwahati, and Vijayawada. The company plans to enhance its operations with new design innovations, integrated technology, and a broader range of facility management services.

Despite stiff competition from international players like WeWork and the likes of Smartworks, IndiQube, Springboard, and Bhive, Awfis has distinguished itself with significant funding and innovation. Its journey from inception to public listing underscores the potential of coworking spaces within India's startup ecosystem.

Prince Kariappa

Features Content Writer

Side Hustle

At 16, She Started a Side Hustle While 'Stuck at Home.' Now It's on Track to Earn Over $3.1 Million This Year.

Evangelina Petrakis, 21, was in high school when she posted on social media for fun — then realized a business opportunity.

Business News

Remote Work Enthusiast Kevin O'Leary Does TV Appearance Wearing Suit Jacket, Tie and Pajama Bottoms

"Shark Tank" star Kevin O'Leary looks all business—until you see the wide view.

Health & Wellness

I'm a CEO, Founder and Father of 2 — Here Are 3 Practices That Help Me Maintain My Sanity.

This is a combination of active practices that I've put together over a decade of my intense entrepreneurial journey.

Growing a Business

Why 'Founder Mode' is Not a One-Size-Fits-All Solution to Leadership

The founder-driven approach can boost a business's growth, but transitioning from "founder mode" to a balanced leadership style is essential for sustained success and scaling.

Growing a Business

PR vs. Marketing — Which One Delivers Better ROI for Your Business?

PR builds trust and credibility over time, while marketing drives short-term sales through targeted campaigns, making both essential for business success, depending on goals and budget.

Business News

San Francisco's Train System Is Still Run on Floppy Disks. It May Finally Get an Upgrade.

Officials approve a $212 million plan to replace its wildly outdated train control system.