Smartworks Secures Rs 168 Crore in Funding for Expansion and Growth
June 28, 2024, 9:34 am
Location: India, Uttar Pradesh
Employees: 501-1000
Founded date: 2016
Total raised: $24.13M
In a recent development, Smartworks, a leading managed workspace provider, has successfully secured a total of Rs 168 crore in private funding rounds from prominent investors such as Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and other high-net-worth individuals. This substantial funding injection marks a significant milestone for the Gurugram-based company, signaling a strong vote of confidence from the investment community in its business model and growth prospects.
The capital raised by Smartworks, amounting to approximately $20.24 million, will be instrumental in fueling the company's expansion plans and meeting its general corporate expenses. Founder Neetish Sarda expressed his enthusiasm for the latest fundraising round, highlighting the strategic importance of this capital infusion in driving the company's growth trajectory and enhancing its market presence.
Smartworks, co-founded by Sarda and Harsh Binani in April 2016, has rapidly expanded its footprint to encompass over 8 million square feet of office space across more than 41 locations in 13 cities. The company's commitment to providing high-quality managed workspace solutions has resonated with a diverse clientele, including Forbes 2000/Fortune 500 companies and global multinational corporations.
Notable investors in Smartworks include Keppel Ltd, Mahima Stocks Private Limited, and Deutsche Bank AG London Branch, underscoring the company's appeal to a wide spectrum of investors seeking exposure to India's dynamic commercial real estate market. Keppel Ltd, in particular, has been a steadfast supporter of Smartworks, having invested a total of $29 million in the company since its Series A round in 2019.
Louis Lim, CEO of Real Estate at Keppel Ltd, expressed his confidence in Smartworks' growth trajectory, emphasizing the company's position as India's leading managed workspace platform. Keppel's continued commitment to supporting Smartworks reflects its long-term strategic vision for the Indian commercial office market and its innovative urban space solutions.
Despite its impressive revenue growth, Smartworks reported a widening of losses in the last fiscal year, with losses reaching Rs 101 crore in FY23 compared to Rs 70 crore in FY22. This financial performance underscores the company's focus on aggressive expansion and investment in its business operations to capitalize on the growing demand for flexible and scalable workspace solutions in India's evolving corporate landscape.
In conclusion, Smartworks' successful fundraising efforts underscore its position as a key player in India's burgeoning coworking space sector. With a strong investor backing and a clear growth strategy in place, the company is well-positioned to capitalize on the increasing demand for flexible office solutions and drive sustainable growth in the years to come.
The capital raised by Smartworks, amounting to approximately $20.24 million, will be instrumental in fueling the company's expansion plans and meeting its general corporate expenses. Founder Neetish Sarda expressed his enthusiasm for the latest fundraising round, highlighting the strategic importance of this capital infusion in driving the company's growth trajectory and enhancing its market presence.
Smartworks, co-founded by Sarda and Harsh Binani in April 2016, has rapidly expanded its footprint to encompass over 8 million square feet of office space across more than 41 locations in 13 cities. The company's commitment to providing high-quality managed workspace solutions has resonated with a diverse clientele, including Forbes 2000/Fortune 500 companies and global multinational corporations.
Notable investors in Smartworks include Keppel Ltd, Mahima Stocks Private Limited, and Deutsche Bank AG London Branch, underscoring the company's appeal to a wide spectrum of investors seeking exposure to India's dynamic commercial real estate market. Keppel Ltd, in particular, has been a steadfast supporter of Smartworks, having invested a total of $29 million in the company since its Series A round in 2019.
Louis Lim, CEO of Real Estate at Keppel Ltd, expressed his confidence in Smartworks' growth trajectory, emphasizing the company's position as India's leading managed workspace platform. Keppel's continued commitment to supporting Smartworks reflects its long-term strategic vision for the Indian commercial office market and its innovative urban space solutions.
Despite its impressive revenue growth, Smartworks reported a widening of losses in the last fiscal year, with losses reaching Rs 101 crore in FY23 compared to Rs 70 crore in FY22. This financial performance underscores the company's focus on aggressive expansion and investment in its business operations to capitalize on the growing demand for flexible and scalable workspace solutions in India's evolving corporate landscape.
In conclusion, Smartworks' successful fundraising efforts underscore its position as a key player in India's burgeoning coworking space sector. With a strong investor backing and a clear growth strategy in place, the company is well-positioned to capitalize on the increasing demand for flexible office solutions and drive sustainable growth in the years to come.