Managed workspace platform Smartworks raises Rs 168 crore in funding rounds

Smartworks Coworking Private Limited, an Indian managed workspace platform, has raised Rs 168 crore ($20.24 million) this year, according to a press release. The company has raised funds from a range of investors including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, family trusts and certain high net worth individuals in private funding rounds the company announced on June 27.

The company counts Keppel Ltd., Mahima Stocks Private Limited and Deutsche Bank A.G. London Branch among others, as its most prominent investors while the promoters of Smartworks continue to have majority shareholding in the company.

Mr Louis Lim, CEO, Real Estate of Keppel Ltd. said, “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.”

Since 2019, Singapore-based Keppel Ltd. has been a prominent and longstanding investor in Smartworks having invested USD $29 Mn in the company to date, Smartworks noted in the press release.

Commenting on the fundraise Neetish Sarda, founder of Smartworks, said, “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.”

In fiscal year 2024, the Smartworks has added new centres such as Golf View Corporate Towers in Gurgaon, Logix Cyber Park in Noida, Amar Tech Center and 43EQ in Pune and Olympia Pinnacle in Chennai. Some of the other large campuses in the company portfolio include Vaishnavi Tech Park in Bengaluru, M Agile, 43 EQ and AP81 in Pune.

As of March 31, 2024, Smartworks has a presence in 13 cities and a portfolio comprising 41 centres spanning across 8 million sq. ft. The company caters to sector-agnostic large organisations.