Smartworks Secures $20 Million Funding from Keppel and Other Investors
Smartworks Secures $20 Million from Keppel, Ananta Capital, Plutus Capital, family trusts, and HNIs to fuel growth, expansion, and general expenses.
Smartworks was established in 2016 with the aim of revolutionizing workspaces. The company focuses on creating flexible and scalable workspaces tailored to the dynamic needs of businesses. Neetish Sarda is the visionary behind Smartworks, leading the company as its founder.
Since its inception, Smartworks has expanded significantly, managing over 8 million sq. ft. across multiple cities in India. Smartworks started with a clear vision to provide cost-effective, customizable office spaces that cater to the evolving demands of modern businesses.
Smartworks, a leading co-working space solutions provider, has 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 capital from this fundraise will be used for the growth and expansion of Smartworks’ business, as well as to meet general corporate expenses. To date, the company has raised over $50 million, including a $25 million investment from Singapore-based Keppel Land in 2019.
Smartworks provides managed office spaces by leasing properties from real estate developers and subleasing them to enterprises or companies. The company has a presence across major Indian cities such as Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, and Hyderabad. As of March 2024, Smartworks operates in 13 cities, managing 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, controls more than 45% stake in Smartworks as of the last funding round. The promoters continue to hold a majority shareholding in the company.
In the financial year 2022-23 (FY23), Smartworks’ revenue from operations surged 97.5% to Rs 711 crore, while its losses increased by 44.29% to Rs 101 crore compared to the previous fiscal year. This fundraise comes at a time when the co-working industry is gaining momentum, with Awfis becoming the first company from this space to get listed on the stock exchange.
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