Smartworks operates a managed flexible-workspace platform with a portfolio of enterprise-focused centres and a client base of roughly 550 corporate customers, including Google, Accenture, Persistent Systems and Samsung. As of March 31, 2024, it has a presence in 13 cities with 41 centres spanning about 8 million sq ft. The company plans to add 3–4 million sq ft of flexible office space annually to meet rising demand from domestic and foreign firms. Promoters continue to hold majority shareholding, and Singapore-based Keppel Ltd. has been a longstanding investor, having invested about USD 29 million since 2019. Management says capital from the latest fundraising will be used for growth, expansion and general corporate expenses. Smartworks may consider going public after it reaches its target of acquiring 30 million sq ft of office space. Smartworks is a managed workspace and shared-office provider that operates and leases operated workspaces. Founded by Neetish Sarda and Harsh Binani in April 2016 and based in Gurugram, the company says it has expanded to over 8 million square feet across more than 40 locations in 14 cities. It claims to serve over 600 organisations, including Forbes 2000 and Fortune 500 companies and global multinationals. Smartworks reported revenue from operations of Rs 711 crore in FY23, up 97.5% from Rs 360 crore in FY22. Its losses widened to Rs 101 crore in FY23 from Rs 70 crore in FY22, showing increased scale but continued unprofitability. The company has raised prior capital from Keppel, including a $25 million Series A in 2019 and an approximately $4 million round reported from Singapore’s Keppel.

Total raised

$12M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2024