Smartworks, a company that provides co-working space solutions, went public. With this, the business takes a step closer to its intended initial public offering (IPO).
The resolution to convert Smartworks from a private to a public company has been approved by the board. Smartworks Coworking Spaces Limited is the new name for it, previously known as Smartworks Coworking Spaces Private Limited.
This news follows the $20 million funding round that Smartworks received from Keppel, Ananta Capital Ventures Fund I, and other investors.
By leasing properties from real estate developers and then subleasing them to businesses or companies, Smartworks offers managed office spaces. Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and other places are among those where the company is present.
By March 2024, Smartworks will have 41 locations totaling 8 million square feet spread across 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune.
Over $50 million has been raised by the co-working space company to date, with a $25 million boost from Singapore-based Keppel Land in 2019. As of the most recent funding round, the company’s founder, Neetish Sarda, and other members of NS Niketan LLP are reported to own more than 45% of the business.
Smartworks showed strong financial growth in FY23, almost doubling in size to Rs 744 crore. Nevertheless, in the same time frame, its losses increased by 44% to Rs 101 crore, similar to many growth-stage businesses. The business has not yet submitted its FY24 annual results.
Awfis became the first Indian startup to list on the stock exchange in the co-working space. On the last day of bidding, the company backed by Peak XV had oversubscription by over a hundred times.
