Co-working space solutions provider Smartworks has successfully raised Rs 168 crore ($20.24 million) from a diverse group of investors, including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and high-net-worth individuals (HNIs).
Smartworks announced that the newly raised capital will be utilized for the company’s growth and expansion initiatives, as well as to cover general corporate expenses.
To date, Smartworks has raised over $50 million, including a significant $25 million investment from Singapore-based Keppel Land in 2019.
Specializing in managed office spaces, Smartworks leases properties from real estate developers and subleases them to enterprises and companies. The company has an established presence in key Indian cities such as Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and more.
As of March 2024, Smartworks operates in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, managing a portfolio of 41 centres spanning 8 million square feet.
The company is primarily controlled by NS Niketan LLP, which includes founder Neetish Sarda among others, holding more than a 45% stake as of the last funding round. Promoters maintain a majority shareholding in Smartworks.
In a related industry development, co-working firm Awfis recently made headlines by becoming the first company in the sector to list on the stock exchange.
