Work Space Provider Smartworks Secures $4 Mn Investment from Keppel Land

Smartworks is a prominent managed and flexible office space provider in India, catering to the needs of large enterprises, SMEs, and high-growth startups. Established in 2016, the company set out to redefine workspaces by offering affordable, configured, and scalable workspaces ready to use within 30 days. Smartworks operates in multiple cities including New Delhi, Bangalore, Chennai, Hyderabad, and Mumbai, offering businesses the opportunity to expand their footprint without the traditional constraints of setting up an office space.

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Smartworks, the provider of coworking spaces, recently secured a substantial investment of almost $4 million (approximately INR 33 crore) from its longtime supporter, Keppel Land based in Singapore.

According to official documents filed by the startup, it issued cumulative convertible preference shares to Keppel Land at a price of INR 269 per share.

This investment is likely a part of a larger funding initiative. Neetish Sarda, one of Smartworks’ cofounders, mentioned last May that the company aimed to raise between $70 million and $90 million.

“We are considering raising equity capital ranging from $70 million to $90 million. We require growth capital for the financial year 2025 and beyond,” Sarda informed the news agency PTI.

Despite sending a detailed questionnaire to Smartworks regarding their funding, we did not receive any response by the time this story was published.

The most recent fundraising event occurred nearly five years following the startup’s initial gathering of $25 million during its Series A financing stage with support from Keppel Land.

Established back in 2016 by Sarda and Harsh Binani, Smartworks stands out as a provider of shared workspaces. Their specialty lies in offering office spaces that can swiftly adapt and be tailored to meet the unique requirements of their corporate clients, providing a comprehensive range of solutions.

Proudly, the company boasts a vast expanse of over 8 million square feet of office space spread across more than 40 locations in 14 bustling cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune. Smartworks caters to the needs of over 600 diverse organizations, encompassing the ranks of Forbes 2000/Fortune 500 entities, multinational corporations, as well as up-and-coming unicorns and soonicorns.

Smartworks has an impressive client roster including renowned names such as Honeywell, Starbucks Coffee, DHL, and Moglix. In the fiscal year 2022-23 (FY23), it recorded an operating revenue of INR 711 Cr, marking a significant 98% surge from INR 360 Cr in FY22. However, the company experienced a 44% increase in net loss, reaching INR 101 Cr during the same period. In the competitive landscape, Smartworks faces off against formidable contenders like WeWork India, IndiaQube, and the soon-to-go-public Awfis.

Smartworks, a leading coworking space provider, recently secured a substantial investment from Keppel Land, issuing convertible preference shares. The company aims to raise between 70 million and 90 million for future growth. With over 8 million square feet of office space across 40 locations and a client base including Forbes 2000/Fortune 500 entities, Smartworks boasts an impressive presence. However, despite a significant revenue surge in FY23, the company also experienced a notable increase in net loss. Positioned against tough competition, including WeWork India and Awfis, Smartworks continues to navigate the dynamic coworking space market.