Awfis signed up with 11 GCCs in ten months for workspace, plans to launch furniture brand next quarter

Awfis adds 11 GCCs in ten months, to launch furniture brand next quarter

Flexible workspace provider Awfis Space Solutions has signed up with 11 of the 50 global capability centres (GCCs) that have entered India in the last 9-10 months, and plans to launch its own furniture brand in the next quarter, chairman Amit Ramani has told Moneycontrol.

“We launched our elite product about 18 months ago, and this product has worked really. That is the reason today, out of the 50 GCCs that came in the last nine, ten months, 11 of them are situated with us today,” Ramani said.

Mid-tier global companies coming to India for the first time are increasingly choosing Awfis’ Elite centres, the chairman said, as it allows them to “dip their toe into the water”, typically starting with 50 to 100 seats, before expanding.

Ramani added that GCC expansion has strengthened over the past year. “Till about a year back, there were 1,500 GCCs, currently there are 1,800, and they are projecting in the next three years, they probably will cross 4,000 more,” he said. He added that the segment currently employs about 1.5-1.6 million people, with expectations to cross three million in three years.

Awfis’ client mix is now heavily influenced by this cohort. “Of the IT-ITeS business of the GCCs… about 60–70 percent of the business is coming from GCCs. So as an overall portfolio, probably 40–45 percent of our portfolio is what we would call GCC clients,” said Awfis chairman.

The flexi workspace provider is expandins its offerings to suit this demand. Awfis has built a full suite of services covering managed offices, coworking, design-and-build, IT solutions, cafeteria management, transportation services through partnerships, mobility solutions, meeting rooms by the hour, and workplace infrastructure add-ons such as parking and storage.

During Q2FY26, Awfis reported a consolidated revenue of Rs 367 crore which is 26 percent higher than last year. EBIT margins rose to 17.2 percent compared to 15.4 percent in Q2FY25.

Awfis is also expanding across both metros and Tier II markets, with operations in nine metros and nine Tier II cities. Ramani said growth in Tier II has been strong, though supply availability is a constraint. “We’ve seen a 25 percent year-on-year growth in the GCC area for us… One of the large IT-ITeS clients… just expanded to two Tier 2 cities with 500 seats each,” he said, adding that “85 plus odd percent” of business will continue to come from Tier I markets.

On occupancy, Ramani said mature centres operate at 84–85 percent levels, while overall occupancy stands at 74 percent with further scope as more centres mature. He added that pricing should be evaluated at a centre level rather than blended figures. “Every contract, which is one year or more, has a 5–7 percent escalation clocked in… pricing has gone up almost 5 to 7 percent in the last four quarters,” he said.

For FY26, Awfis plans to add around 40,000 seats and continue its push into Grade A and Grade A+ buildings. “All of the supply is coming in Grade A plus assets, almost 70 percent Grade A plus,” he said.

Alongside new centres, the company is also expanding service verticals. “We are also… launching our furniture brand, which will get launched in the next quarter,” Ramani said. The firm is also strengthening its IT services business and cafeteria management operations.