Smartworks, a managed workspace provider, announced a fresh round of funding totalling Rs 168 crore (approximately US $20.24 million). This capital injection will support the company’s growth and expansion plans across India.
This funding round saw participation from a diverse group of investors, including established names like Keppel Ltd., Ananta Capital Ventures Fund I, and Plutus Capital, alongside family trusts and high-net-worth individuals. Keppel ., a Singaporean company, has been a major investor in Smartworks since 2019, with a total investment of USD $29 million to date.
“We are grateful for the continued trust shown by our investors in our capabilities and our vision for the office experience and managed campus platform,” said Neetish Sarda, Founder of Smartworks. “These funds will be instrumental in driving our expansion plans and strengthening our position in the market.”
The capital will be used to fuel Smartworks’ growth strategy, including opening new centres in key Indian cities. In the recently concluded fiscal year (2024), the company expanded its portfolio with new centres in Gurgaon (Golf View Corporate Towers), Noida (Logix Cyber Park), Pune (Amar Tech Center and 43EQ), and Chennai (Olympia Pinnacle). Existing large campuses include Vaishnavi Tech Park in Bengaluru and M Agile, 43EQ, and AP81 in Pune.
Commenting on the investment, Louis Lim, CEO, Real Estate of Keppel Ltd., said, “Since our initial investment in Smartworks in 2019, the company has established itself as a leader in India’s managed workspace market. We remain committed to supporting their growth journey. This investment underscores our long-term commitment to India’s commercial office market and our focus on expanding Keppel’s office portfolio in the country.”
As of March 31, 2024, Smartworks boasts a presence in 13 Indian cities with a network of 41 centres, encompassing a total area of 8 million square feet. The company caters to a broad client base across various sectors, offering them flexible and fully-equipped workspaces.
This latest funding round signifies the growing demand for managed workspaces in India, a trend driven by factors like increasing startup activity and the evolving needs of modern businesses.