QRG Investment, the family office of Havells chairman Anil Rai Gupta, has exited a part of its holding in co-working operator Awfis by selling 3.89 lakh shares. The transaction was executed as a block deal at a price of INR 685.01 per share, bringing in around INR 27 crore. This off-market trade marks a strategic exit for QRG Investment, which had been one of the early backers of the workspace provider.
The timing of this deal is significant as Awfis continues to expand its presence across key Indian cities. The company is looking to capitalise on the sustained demand for flexible workspace solutions from startups, freelancers, and enterprises adopting hybrid work models. While the pandemic initially disrupted co-working businesses, the segment has rebounded over the past two years, with players like Awfis reporting improved occupancy and higher utilisation rates across centres.
QRG Investment’s partial exit is expected to open room for new investors, as interest in the flexible office space sector grows. This deal also offers a reference point for Awfis’s valuation in the public market, especially as the company focuses on strengthening its business fundamentals and operational metrics. The consistent growth in revenue and a focus on improving unit economics are helping the company gain investor confidence.
Market participants suggest that such exits from early investors indicate maturity in the startup’s lifecycle. For QRG Investment, the exit likely translates into significant returns, considering its entry at a much earlier stage. The liquidity created through this block deal adds depth to the company’s stock and signals growing institutional interest.
As Awfis continues to expand into new geographies and segments, including managed offices and enterprise solutions, access to long-term capital will remain important. The company’s ability to maintain high occupancy levels and control costs will be key in sustaining momentum. Meanwhile, strategic exits like these will continue to shape the shareholding pattern and set the tone for Awfis’s next growth phase.
