Managed workspace provider Smartworks raises Rs 100Cr in funding

Gurugram-based managed workspace provider Smartworks has raised approximately Rs 100 crore in the latest funding round led by Ananta Capital, known for backing Bella Vita Organic.

The round also saw participation from Lend Lease, Plutus Capital, Dhawan Family Private Trust, Kili Ventures LLP, Anand Dalmia, and Stargazer Fund-1. According to the company’s MCA filings, 45 investors participated in this round.

What is the purpose of fundraising?

The startup plans to use the raised capital to fuel its continued expansion and solidify its position in the competitive coworking space market

Previously, Smartworks had raised $25 million in a Series A round from Singapore’s Keppel Land in 2019.

Smartworks aims to enhance its customizable workspace solutions and expand its footprint across more cities, catering to the growing demand for flexible office spaces among large enterprises and multinational corporations

What does Smartworks' do?

Founded in April 2016 by Neetish Sarda and Harsh Binani, Smartworks manages over 8 million square feet of office space. The startup claims to operate in more than 40 locations in 14 cities, including major hubs like Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune.

It caters to over 600 organizations, including Forbes 2000/Fortune 500 companies, multinational corporations, unicorns, and soonicorns.

Last month, Smartworks expanded its presence in Pune by leasing a 14-floor tower in the Balewadi area. The tower is expected to accommodate 8,000 desks.

How has Smartworks performed financially?

Smartworks reported a significant increase in revenue, with operational earnings rising by 97.5% to Rs 711 crore in FY23, compared to Rs 360 crore in FY22. Despite this revenue growth, the company's losses widened by 44.3%, reaching Rs 101 crore in FY23, up from Rs 70 crore in FY22.