Awfis inks agreement with Nyati Group

28 Aug 2024 CW Team

Under the MA model, the company collaborates with landlords and builders on a profit-sharing basis, with the latter providing the majority of the capital for office fit-outs. As of 30 June 2024, 79% of the new seats added or under fit-out were under this asset-light managed aggregation model. By the same date, the company had about one lakh operational seats and had expanded its footprint to 169 operational centres. Awfis operates in 17 cities and 54 micro-markets, with a total of 185 centres, 112,038 seats, and 5.6 million sq ft of chargeable area either operational or being fitted out.

The company has signed a letter of intent for 15,668 seats across 23 centres, creating a pipeline of 127,726 seats across 208 centres. Over the past 12 months, Awfis added 30,156 seats and 48 new centres, marking a year-on-year growth of 43% and 40%, respectively. The company has also increased its presence in tier-II cities by 90%, expanding from 10 to 19 centres since June 2023. Awfis continues to maintain a strong portfolio, with 67% of its seats under this risk-averse model, and remains on track with its FY26 guidance to add 40,000 seats, according to Sumit Lakhani, the company’s deputy CEO, during an earnings call.

Approximately 65% of Awfis's client base consists of large corporates or MNCs, 22% are SMEs, 13% are startups, and the remainder are freelancers. In its portfolio, 36% of clients are multi-centre users. The company's exit month occupancy rate was 71%, while the occupancy rate for centres older than 12 months stood at 84%. The total average client tenure within its portfolio is 34 months, with a lock-in period of 24 months.

Awfis Space Solutions (Awfis), a flexible workspace solutions company, has partnered with Nyati Group to add an additional 0.3 million sq ft of grade-A workspaces under the managed aggregation (MA) model. The company will manage a total of 167,206 sq ft of flexible workspaces at Nyati Empress in Viman Nagar and Nyati Enthral in Kharadi, Pune. This partnership brings Awfis's total grade-A flexible workspace with the Nyati Group to five lakh sq ft.Under the MA model, the company collaborates with landlords and builders on a profit-sharing basis, with the latter providing the majority of the capital for office fit-outs. As of 30 June 2024, 79% of the new seats added or under fit-out were under this asset-light managed aggregation model. By the same date, the company had about one lakh operational seats and had expanded its footprint to 169 operational centres. Awfis operates in 17 cities and 54 micro-markets, with a total of 185 centres, 112,038 seats, and 5.6 million sq ft of chargeable area either operational or being fitted out.The company has signed a letter of intent for 15,668 seats across 23 centres, creating a pipeline of 127,726 seats across 208 centres. Over the past 12 months, Awfis added 30,156 seats and 48 new centres, marking a year-on-year growth of 43% and 40%, respectively. The company has also increased its presence in tier-II cities by 90%, expanding from 10 to 19 centres since June 2023. Awfis continues to maintain a strong portfolio, with 67% of its seats under this risk-averse model, and remains on track with its FY26 guidance to add 40,000 seats, according to Sumit Lakhani, the company’s deputy CEO, during an earnings call.Approximately 65% of Awfis's client base consists of large corporates or MNCs, 22% are SMEs, 13% are startups, and the remainder are freelancers. In its portfolio, 36% of clients are multi-centre users. The company's exit month occupancy rate was 71%, while the occupancy rate for centres older than 12 months stood at 84%. The total average client tenure within its portfolio is 34 months, with a lock-in period of 24 months.

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