Jun3 29, 2024: Smartworks has successfully raised Rs 168 crore in private funding this calendar year. The latest round of funding saw substantial participation from Keppel Ltd, marking the second major investment from the Singapore-based conglomerate.
Commenting on this milestone, Neetish Sarda, Founder of Smartworks, stated, “The capital from the latest fundraising will be used for the growth and expansion of the company’s business and to meet its general corporate expenses.”
According to recent MCA filings, the Rs 100 crore funding raised by the managed workspace business included contributions from prominent investors such as Lend Lease, Plutus Capital, Dhawan Family Private Trust, Kili Ventures LLP, Anand Dalmia, and Stargazer Fund-1.
Smartworks, established in April 2016 by Neetish Sarda and Harsh Binani, has rapidly expanded its footprint to cover over 8 million square feet of office space across more than 41 locations in 13 cities. Despite the influx of external investments, the company’s promoters continue to hold a majority ownership stake.
Expressing gratitude for the support from investors, Neetish Sarda remarked, “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.”
Keppel Backs Smartworks Growth and innovative urban space solutions
Louis Lim, CEO of Real Estate at Keppel Ltd, echoed this sentiment, highlighting the strategic importance of their investment. “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,” said Lim.
The latest funding round also included investments from Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and high-net-worth individuals. The Gurugram-based company reported a 97.5% increase in revenue from operations, rising to Rs 711 crore in FY23 from Rs 360 crore in FY22. However, its losses widened by 44.3%, reaching Rs 101 crore in FY23 compared to Rs 70 crore in FY22.
As of March 31, 2024, Smartworks has a substantial presence in 13 cities with a portfolio comprising 41 centers spanning 8 million square feet. The company serves over 600 organizations, including Forbes 2000/Fortune 500 companies and global multinational corporations, solidifying its position as a leading managed workspace provider in India.
Key investors in Smartworks include Keppel Ltd, Mahima Stocks Private Limited, and Deutsche Bank AG London Branch, with Keppel Ltd alone contributing $29 million to date, including $25 million in a Series A round in 2019.
