New Delhi, May 26 -- Mumbai-listed co-working space provider Awfis Space Solutions Ltd, founded by chairman and managing director Amit Ramani, has promoted Sumit Lakhani to the position of chief executive officer from deputy CEO earlier.
Lakhani joined Awfis a decade ago as chief marketing officer and was promoted to the role of deputy CEO three years ago. In his new role as the CEO, he will focus on the daily operations, customer-centric initiatives along with sales, marketing, and supply acquisition, the company said in a statement Monday.
In the past, Lakhani served as the vice president of investment banking at YES Bank for more than half a decade. He has also worked at ST Asset Management in Singapore, Tesco, and Satyam Computers in his previous stints.
"I look forward to deepening our impact, scaling new heights, and continuing to deliver differentiated value to our clients, partners, and teams," Lakhani said.
Meanwhile, Ramani will continue in his role as the chairman and MD, steering the company's strategic direction to drive growth of new business initiatives. He will also oversee core functions such as finance, human resources, legal, and administration.
The co-working space provider announced a 42% year-on-year rise in its revenue from operations in the fiscal year ended March 31, 2025, to Rs 1,208 crore, according to a company statement. The company said its operational earnings before interest, tax, depreciation, and amortization grew by 64% during this period to Rs 402 crore.
"Our asset-light, risk-averse managed aggregation model remains at the core of our strategy, with 67% of seats and 64% of centers aligned under this approach to maximize returns on investment," Ramani said.
The company said it plans to focus on optimizing its expanded capacity from FY25 in the first half of the ongoing fiscal year. In the second half, it plans strategic capacity expansion, "targeting high-potential locations to capture emerging demand and maximize returns. Together, these steps will position us for sustained, profitable growth," it said.
Its operational number of seats grew to about 1,34,000 by FY25-end, from about 95,000 in the preceding period. Currently, it has 208 operational centres, up from 160 during FY24-end.
Listed about a year ago, the company counts Peak XV Partners, veteran investor Ashish Kacholia, and private equity firm ChrysCapital among its investors. The company's listing received a spectacular response from investors with the share sale recording subscription of 108.56 times on the third and final day of the issue.
The IPO involved a fresh issue of shares by Awfis to raise Rs 128 crore and an offer for sale by two of its investors. Peak XV offloaded more than 6.6 million shares during the IPO while ChrysCapital divested almost 5.68 million. Currently, Peak XV holds a 3.26% stake in the company.
Published by HT Digital Content Services with permission from VC Circle.