Fully-managed Coworking Space platform Smartworks gains Rs.168 crore Funding
Smartworks, a pioneering co-working space providing startup has secured Rs.168 crore ($20.24 million) from a cluster of investors such as Keppel, Plutus Capital, Ananta Capital Ventures Fund I, family trusts & HNIs.
The fresh capital raised in the funding round will be installed to propel the growth and expansion of the business and cater the regular expenses in corporate, the startup stated in a statement.
Till the date, the managed working space startup has bagged more than $50 million comprising a $25 million investment from the Singapore-based Keppel land in the year 2019.
The startup provides co-working or managed workspaces by renting properties from real estate developers and then subleasing them to diverse businesses and organizations. Smartworks has its footprints across the nation such as Bengaluru, Kolkata, Chennai, Pune, Hyderabad, Delhi-NCR and many others.
Articulating his gratitude towards the sustained financial support from the investors, Neetish Sarda, Founder, Smartworks says, “We thank our investors for their continued confidence in our capabilities and the office experience and managed campus platform. Capital from the latest fund raising will be used for the growth and expansion of the business of the company and to meet its general corporate expenses. We remain committed to our growth”.
Similarly, emphasizing on their ongoing dedication and commitment towards the commercial office space market of India, Louis Lim, CEO, Real Estate of Keppel Ltd says, “Since Keppel’s initial investment in 2019, Smartworks has grown to become India’s leading managed workspace platform. Keppel remains committed to continue supporting Smartworks’ growth. This investment maintains our long-term involvement in India’s commercial office market, as we look to expand Keppel’s office portfolio in India and support the country’s rapid urbanisation through our innovative urban space solutions”.
The revenue of Smartworks from the core operations hiked 97.5 percent to Rs. 711 crores in the financial year 2023 from Rs. 360 crore in the financial year 2022. The startup also registered a 44.29 percent increase in overall losses which surged to Rs.101 crore in the financial year 2023 when compared to the previous year loss of Rs. 70 crore.
The fresh capital raised in the funding round will be installed to propel the growth and expansion of the business and cater the regular expenses in corporate, the startup stated in a statement.
Till the date, the managed working space startup has bagged more than $50 million comprising a $25 million investment from the Singapore-based Keppel land in the year 2019.
The startup provides co-working or managed workspaces by renting properties from real estate developers and then subleasing them to diverse businesses and organizations. Smartworks has its footprints across the nation such as Bengaluru, Kolkata, Chennai, Pune, Hyderabad, Delhi-NCR and many others.
Articulating his gratitude towards the sustained financial support from the investors, Neetish Sarda, Founder, Smartworks says, “We thank our investors for their continued confidence in our capabilities and the office experience and managed campus platform. Capital from the latest fund raising will be used for the growth and expansion of the business of the company and to meet its general corporate expenses. We remain committed to our growth”.
Similarly, emphasizing on their ongoing dedication and commitment towards the commercial office space market of India, Louis Lim, CEO, Real Estate of Keppel Ltd says, “Since Keppel’s initial investment in 2019, Smartworks has grown to become India’s leading managed workspace platform. Keppel remains committed to continue supporting Smartworks’ growth. This investment maintains our long-term involvement in India’s commercial office market, as we look to expand Keppel’s office portfolio in India and support the country’s rapid urbanisation through our innovative urban space solutions”.
The revenue of Smartworks from the core operations hiked 97.5 percent to Rs. 711 crores in the financial year 2023 from Rs. 360 crore in the financial year 2022. The startup also registered a 44.29 percent increase in overall losses which surged to Rs.101 crore in the financial year 2023 when compared to the previous year loss of Rs. 70 crore.
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