Smartworks: Key Investments & Growth in India's Office Space Market
Smartworks, a leading managed office space provider in India, recently received a significant investment of nearly $4 million from Keppel Land.
The investment, made through cumulative convertible preference shares at INR 269 per share, is part of Smartworks' larger funding initiative aimed at raising $70 million to $90 million.
Founded in 2016, Smartworks offers affordable, configured, and scalable workspaces ready for use within 30 days, catering to large enterprises, SMEs, and high-growth startups.
With over 8 million square feet of office space spread across 40 locations in 14 cities, including New Delhi, Bangalore, Chennai, Hyderabad, and Mumbai, Smartworks serves more than 600 diverse organizations.
Despite a remarkable 98% surge in operating revenue to INR 711 Cr in FY23, Smartworks experienced a 44% increase in net loss, reaching INR 101 Cr during the same period.
Smartworks' impressive clientele includes renowned names such as Honeywell, Starbucks Coffee, DHL, and Moglix, positioning it as a formidable player in the coworking space industry.
In a competitive landscape dominated by rivals like WeWork India, IndiaQube, and Awfis, Smartworks continues to navigate challenges while striving for growth and innovation.
With its commitment to redefining workspaces and providing tailored solutions to corporate clients, Smartworks remains a key player in India's dynamic coworking space market, poised for future expansion and success.
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