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Smartworks secures ₹168 crore for expansion

Smartworks secures funding of 168 crores

Gurugram-based Smartworks, a leading provider of managed and flexible office spaces, has successfully raised ₹168 crore from a diverse group of investors. The funding round saw participation from Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and several high-net-worth individuals. Despite this influx of capital, the promoters of Smartworks continue to maintain a majority shareholding in the company.

Utilization plans

Smartworks plans to use the newly acquired funds to fuel its business growth, expansion, and cover general corporate expenses. “Capital from the latest fundraising 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,” stated Neetish Sarda, Founder of Smartworks.

According to market intelligence platform Tracxn, Smartworks has raised a total of $86.6 million across seven funding rounds to date. The company’s list of notable investors includes Keppel Ltd, Mahima Stocks Private Limited, and Deutsche Bank AG London Branch. Louis Lim, CEO of Real Estate at Keppel Ltd, reaffirmed their commitment to supporting Smartworks’ growth, emphasizing their long-term involvement in India’s commercial office market and the country’s rapid urbanization.

Where Smartworks stands now

As of March 31, 2024, Smartworks has established a strong presence in 13 cities, operating 41 centers that span a total of 8 million square feet. The company aims to close FY24 with a topline of ₹1,200 crore, according to statements made by Sarda to HT Digital last year. Industry sources indicate that Smartworks is gearing up for its market debut in 2025, although the company has yet to comment on these plans.

This fundraising news follows the recent Initial Public Offering (IPO) of industry peer Awfis Space Solutions, which was valued at ₹599 crore. Smartworks’ continued growth and strategic investments highlight its ambition to expand its footprint in the managed and flexible office space sector, catering to the evolving needs of modern businesses in India.

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