(Commonwealth)_ Oxyzen Express, a Chennai-based logistics and supply chain solutions startup, secured $3 million (Rs 25 crore) in the second tranche of its seed capital round. The investment was led by Tamil Nadu Emerging Sector Seed Fund and SNAM Group of Companies, with various angel investors also participating. This startup unveiled OWENS, its exclusive tech stack, designed to enhance customer experience and commercial efficiency. OWENS features the ‘Middle Mile Optimizer,’ utilizing real-time deep search data analytics to streamline and automate network decisions. Founded by Bala Aghoramurthy, Raghuraman R, and Patram Choudhary, Oxyzen Express operates under the Startup India initiative, focusing on PTL/express logistics. It rapidly expanded its pan-India network, spanning more than 10,000 pin codes, and began operations in early 2022. Despite its youth, the startup boasts significant growth, reportedly generating nearly $6 million in revenue in FY23. Its clientele includes prominent corporate entities across diverse sectors like retail, pharma, FMCG, e-commerce, electronics, and auto. Awfis Space Solutions Limited has submitted its draft red herring prospectus (DRHP) to SEBI, marking its intent for an initial public offering (IPO).
The IPO aims to raise funds through two channels: a fresh issue of equity shares totaling up to Rs 160 crore and an offer for sale (OFS) of up to 10,023,172 equity shares. Peak XV Partners Investments V plans to divest 5,011,586 equity shares, Bisque Limited intends to sell 4,936,412 equity shares, and Link Investment Trust will offload 75,174 equity shares through the OFS. The pricing specifics, including the price band and minimum lot size, will be determined by the company in collaboration with the book-running lead managers soon. Both the fresh issue and OFS will be allocated at a face value of Rs 10. The company’s primary agenda for the funds raised from the fresh issue includes financing capital expenditure for establishing new centers, catering to working capital needs, and fulfilling general corporate objectives. As per the DRHP details, Bisque Ltd holds the largest stake in the firm at 23.47%, followed by Peak XV at 22.86%. Awfis Founder and CEO Amit Ramani possesses an 18.19% share. QRG Investments and VBAP Holdings secure positions in the top five with 9.58% and 9.35% shares, respectively. Additionally, VC investor Ashish Kacholia holds 5.1% of the company.
Awfis, founded in 2015, operates within the niche of offering versatile workspace solutions that cater to the distinct needs of startups, small and medium-sized enterprises (SMEs), as well as larger corporations. Their core focus lies in providing workspace environments that are flexible and adaptable to the diverse requirements of different businesses. The spectrum of services provided by Awfis extends beyond mere office spaces. They specialize in delivering customizable office solutions that align with the specific preferences and operational dynamics of their clients. These solutions encompass a variety of amenities and support services essential for running a productive and efficient workspace.
In December 2021, Awfis concluded a Series E round, raising Rs 15 crore (approximately $1.8 million). The company has amassed nearly $100 million in total funding, according to data from TheKredible, a data intelligence platform. During the fiscal year ending March 2023, Awfis witnessed a notable surge in revenue from operations, reaching Rs 545 crore, marking a 2.1X increase from Rs 257 crore in FY22. Notably, the company managed to decrease its losses by 18.67% to Rs 46.6 crore in FY23. Additionally, the quarterly results for April-June 2024 revealed revenue of Rs 187.7 crore, with losses amounting to Rs 8.3 crore. ICICI Securities, Axis Capital, IIFL Securities, and Emkay Global Financial serve as the book-running lead managers for Awfis’ forthcoming issue.
