Smartworks raises more than $20 Mn from Keppel and others

Co-working space solutions provider Smartworks 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 HNIs.

The capital from the fundraise will be deployed towards growth and expansion of the business and meet general corporate expenses, Smartworks said in a statement.

To date, the co-working space firm has raised over $50 million,  including a $25 million raise from the Singapore-based Keppel Land in 2019.

Smartworks provides managed office spaces by leasing properties from real estate developers and subsequently subleasing them to enterprises or companies. The company has a presence across Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and others.

As of March 2024, Smartworks has a presence in as many as 13 cities including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, and a portfolio of 41 centers spanning across 8 million square feet.

As per startup data intelligence platform TheKredible, NS Niketan LLP, which includes founder Neetish Sarda, among others, controls more than 45% stake in the company as of the last funding round.

Smartworks also said that promoters continue holding majority shareholding in the company.

Smartworks’ revenue from operations surged 97.5% to Rs 711 crore in FY23 from Rs 360 crore in FY22.  The firm also saw a 44.29% surge in losses which rose to Rs 101 crore in FY23 as compared to Rs 70 crore in the previous fiscal year.

Recently, co-working firm Awfis got listed on the stock exchange and became the first company from this space to do so.