Co-working space solutions provider Smartworks has successfully raised Rs 168 crore ($20.24 million) from a group of investors, including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and high-net-worth individuals (HNIs). The funds are earmarked for business growth, expansion, and general corporate expenses, according to a statement by Smartworks.
To date, Smartworks has secured over $50 million in funding, including a notable $25 million investment from Singapore-based Keppel Land in 2019. Smartworks operates managed office spaces by leasing properties from real estate developers and subleasing them to enterprises and companies. The company has established a significant presence across Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and other major cities.
As of March 2024, Smartworks operates in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, with a portfolio of 41 centers spanning 8 million square feet. According to startup data intelligence platform TheKredible, NS Niketan LLP, which includes founder Neetish Sarda, among others, controls more than 45% of the company’s stake as of the last funding round. Promoters continue to hold a majority shareholding in the company.
Smartworks has shown impressive financial growth, with revenue from operations surging 97.5% to Rs 711 crore in FY23 from Rs 360 crore in FY22. However, the firm also experienced a 44.29% increase in losses, which rose to Rs 101 crore in FY23 compared to Rs 70 crore in the previous fiscal year.
This development comes in the wake of co-working firm Awfis getting listed on the stock exchange, becoming the first company in this space to do so, marking a significant milestone for the co-working industry.
