Co-working space provider Smartworks raised over $20 M from Keppel, others
Ananta Capital Ventures Fund I, Plutus Capital, Keppel, family trusts, and high net worth individuals have contributed a total of Rs 168 crore ($20.24 million) to Smartworks, a provider of co-working space solutions.
In a statement, Smartworks stated that the funds raised would be used for both general corporate expenses and the company’s growth and expansion.
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.
Smartworks sublease properties to businesses or companies after leasing them from real estate developers in order to provide managed office spaces. The organization is present in Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Kolkata, and other places.
By March 2024, Smartworks will have 41 centers totaling 8 million square feet spread across 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune.
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.
Additionally, according to Smartworks, the promoters still own the majority of the company’s shares.
From Rs 360 crore in FY22 to Rs 711 crore in FY23, Smartworks’ operational revenue increased by 97.5%. Additionally, the company’s losses increased by 44.29% to Rs 101 crore in FY23 from Rs 70 crore the year before.
Awfis, a co-working space, recently became the first company in this industry to list on the stock exchange.
