Managed workspace platform Smartworks has secured $20.24 million from investors, including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and high-net-worth individuals. This substantial funding will drive the company’s growth and meet corporate expenses.
Neetish Sarda, Founder of Smartworks, said, “Capital from the latest fundraising will be used for growth and expansion and to meet general corporate expenses. We remain committed to our growth.”
This year, Smartworks expanded its footprint by adding new centers like Golf View Corporate Towers in Gurgaon, Logix Cyber Park in Noida, Amar Tech Center and 43EQ in Pune, and Olympia Pinnacle in Chennai. Notable campuses in its portfolio include Vaishnavi Tech Park in Bengaluru and M Agile in Pune.
As of March 31, 2024, Smartworks boasts a presence in 13 cities, with 41 centers covering 8 million square feet. This expansion aligns with its strategy to lease properties from real estate developers and sublease them to enterprises, catering to growing demand across Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, and Hyderabad.
Smartwork’s Strong Investor Support
The company’s promoters retain majority ownership. Prominent investors include Keppel, Mahima Stocks Pvt Ltd, and Deutsche Bank A.G. London Branch. NS Niketan LLP, involving founder Neetish Sarda, holds over 45 percent stake.
In FY23, Smartworks’ revenue surged 97.5 percent to INR 711 crore from INR 360 crore in FY22. However, losses also rose by 44.29 percent to INR 101 crore from INR 70 crore. Despite this, the firm continues to attract significant investment, raising over $50 million to date, including $25 million from Keppel Land in 2019.
Smartworks’ recent growth parallels the industry’s development, exemplified by Awfis becoming the first co-working firm listed on the stock exchange. This highlights the co-working sector’s potential and the increasing investor confidence.
Louis Lim, CEO of Real Estate of Keppel, said, “Since Keppel’s initial investment in 2019, Smartworks has grown to become India’s leading managed workspace platform. Keppel remains committed to supporting Smartworks’ growth. This investment maintains our long-term involvement in India’s commercial office market as we look to expand Keppel’s office portfolio and support its rapid urbanization through our innovative urban space solutions.”
Keppel has invested $29 million in the company to date.
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