Awfis to Double its Office Space by March 2024

Flexible Office Space Provider Awfis to Double its Office Space by March 2024

Bengaluru: 

Flexible office space provider Awfis Space Solutions plans to double its portfolio to 250 centres by March 2024, fuelled by resilient demand from both corporations and startups.

The company's strategy involves strengthening its presence in key tier-I cities and expanding into tier-II regions, such as Lucknow, Kochi, Bhubaneswar, Ahmedabad, Jaipur, Indore, and Chandigarh.

Awfis has seven million square feet of operational assets across 150 centres in seventeen locations, with a total of 88,000 seats throughout India.

Flexible office space provider Awfis is projected to end FY23 with 750 crore in annual recurring revenue (ARR), representing a twofold increase in revenue from 2022 to 2023.

Recent growth is an unmistakable indication of our accelerated growth trajectory. In the past year, we've also witnessed a substantial increase in the average lock-in period," he explained.

Recent accomplishments include the successful delivery of 1.5 million square feet of space in three tier-2 cities to a Fortune Global 500 company. In addition, it has secured lease agreements for 40,000 seats across a variety of industries, attracting notable companies such as Panasonic, Ericsson, BBC, Xoriant, and Federal Bank, among others.

Currently, 40% of the company's clients are MNCs, 40% are SME/mid-sized businesses, and 20% are entrepreneurs and freelancers.