Smartworks, a leading provider of co-working space solutions, has formally converted into a public company, marking a pivotal step towards its anticipated initial public offering (IPO).
Smartworks’ board has approved the transformation of the company from private to public status. Consequently, its name has been changed from Smartworks Coworking Spaces Private Limited to Smartworks Coworking Spaces Limited.
This decision follows Smartworks’s successful $20 million funding round from investors including Keppel and Ananta Capital Ventures Fund I. The company leases office spaces from real estate developers, subsequently subleasing them to enterprises across multiple cities such as Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, and Hyderabad.
As of March 2024, Smartworks operates in 13 cities with a portfolio spanning 41 centers and covering 8 million square feet. The firm has raised over $50 million to date, with significant stakes held by NS Niketan LLP, led by founder Neetish Sarda.
In FY23, Smartworks demonstrated substantial revenue growth, nearly doubling its scale to Rs 744 crore. However, the company also reported increased losses, up 44% to Rs 101 crore during the same period. Annual results for FY24 are pending.
In the co-working space sector, Smartworks joins Awfis as a prominent player preparing for public listing. Awfis recently became the first Indian startup in this segment to successfully list on the stock exchange, experiencing strong investor interest.
Smartworks’s move to become a public company sets the stage for potential future growth and investment opportunities as it continues to expand its footprint and service offerings in India’s dynamic co-working space market.
Source:- Entrackr
