Coworking operator Awfis has announced a CFO transition, with Ravi Dugar stepping down and Sumit Rochlani returning to the role. The leadership change comes as the company strengthens its enterprise and GCC-focused strategy, expands seat capacity across key Indian cities, and scales operations while improving financial discipline and long-term visibility.
Flexible workspace provider Awfis has announced a key leadership change: Chief Financial Officer Ravi Dugar has resigned, and Sumit Rochlani will take over. Dugar, who cited “better career opportunities” as the reason for his exit, will continue in his position until February 2, ensuring a smooth transition. Rochlani will assume the CFO role from February 3, marking his second stint with the company, following his previous leadership of its finance function until mid-2022.
The leadership reshuffle comes at a critical point for Awfis as it scales operations and sharpens its focus on large enterprises and global capability centres. Dugar had spent over three years at the company and was part of the core team that steered Awfis through its public market debut, playing a key role in strengthening financial governance ahead of the IPO.
A Familiar Face Returns to the Finance Helm
Rochlani’s return brings continuity at a time when financial discipline and visibility are increasingly important for flexible workspace operators. A chartered accountant by training, Rochlani most recently served as a strategic business partner to global engineering at Boeing. His prior experience at Awfis, combined with exposure to global corporate finance environments, positions him well to navigate the company’s next phase of growth.
Founded in 2015 by Amit Ramani, Awfis operates on a managed aggregator model, leasing assets from landlords, developing office infrastructure, and offering flexible terms to startups, SMEs, large enterprises, and GCCs. This asset-light approach has allowed the company to scale quickly across multiple cities while maintaining control over design, pricing, and service quality.
Financial Performance Shows Mixed Signals
On the financial front, Awfis reported a sharp decline in net profit in Q2 FY26, down nearly 60% year-on-year to ₹16 crore. The company attributed the pressure to rising costs driven by expansion and its premium asset focus. At the same time, operating revenue remained resilient, growing 25% year-on-year and 10% quarter-on-quarter to ₹366.9 crore, reflecting steady demand for flexible office solutions.
During the quarter, Awfis added 8,000 seats, bringing its total operational capacity to approximately 1.47 lakh. As of September 2025, the company operated 237 centres across 18 cities, spanning both tier I and tier II markets. Nearly 89% of its portfolio remains concentrated in tier I cities, with Delhi NCR, Mumbai, and Bengaluru continuing to anchor demand.
Enterprise Clients Take Centre Stage
A notable trend in Awfis’ portfolio is the rising share of large occupiers. In Q2 FY26, clients occupying 500 seats or more accounted for 34% of the total portfolio, underlining a clear shift toward enterprise-led demand. This aligns with the broader market trend of corporates opting for managed, flexible offices to support hybrid work, rapid scaling, and capital efficiency.
Strategic Restructuring to Improve Visibility
During the quarter, Awfis’ board also approved, in principle, carving out its “design and build” vertical, Awfis Transform, into a wholly owned subsidiary. The company said the step would allow the business to scale independently while improving financial transparency and operational focus.
Looking ahead, Awfis has reiterated its intent to prioritise premium locations and tailored offerings for GCCs and large enterprises, while maintaining tight cost controls. As the flexible office sector matures, the leadership transition signals Awfis’ intent to balance growth, profitability, and long-term financial discipline.
