Co-working firm, Awfis has raised Rs. 40 crore in its ongoing Series D round from its existing investors, Bisque Limited and Link Investment Trust. The round was started in August where it raised $30 Million in first tranche led by ChrysCapital. The recent investment is the second tranche in the ongoing round.
The startup 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. Link Investment contributed Rs 60 lakh equity funding in lieu for Rs 36,878 Series D1 CCPS (Compulsorily convertible preference share) making the total amount close to Rs 40 crore.
Awfis has raised $55 million since its inception in a combination of equity and debt financing round. This investment comes at a crucial time where co-working spaces are finding it difficult to survive owing to the ongoing Covid crisis. Firms like WeWork, Smartworks, Simpliwork and Awfis have either chosen to shut down their offices or are functioning from their partially open facilities.
Awfis has been reported to figure out a way to survive these times by negotiating with its landlords as their clients haven’t been able to pay rents making it difficult for the company’s financial security. The company also recently launched ‘Awfis@home’ to make work from home interesting for its clients and as an alternative way to generate revenues.