Smartworks, a co-working space provider, has raised over $50 million in funding so far.
Smartworks, the co-working space solutions provider, has become a public company. This is a prominent step for the company toward its upcoming initial public offering (IPO).
Founded by Neetish Sarda and Harsh Binani, Smartworks has rapidly expanded its footprint across major Indian cities, offering co-working spaces designed to cater to the needs of large enterprises, SMEs, and startups. The company's decision to go public aims to leverage investor capital to fuel further growth and solidify its market position.
As of March 2024, Smartworks operates in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune. The company manages a portfolio of 41 centers, covering a total area of 8 million square feet.
The conversion into a public company will involve listing on Indian stock exchanges. However, specific details such as the timing of the IPO and the valuation are yet to be disclosed. Smartworks has distinguished itself by providing tech-enabled, customer-centric workspace solutions that prioritize flexibility and scalability, key factors that have become increasingly important in the post-pandemic era.
Smartworks, a co-working space provider, has raised over $50 million in funding so far. In 2019, it secured $25 million from Keppel Land, a company based in Singapore.
In the financial year ending in 2023, Smartworks showed strong growth, nearly doubling its scale to Rs 744 crore in revenue. However, like many companies at a growth stage, its losses also increased by 44% to Rs 101 crore during the same period. The company has not yet released its financial results for the fiscal year ending in 2024.
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