Smartworks, a leading coworking startup, has recently secured a significant investment of $12 million (approximately INR 100 Crores) in its latest funding round. Ananta Capital spearheaded the investment, alongside notable contributions from various investors, including Plutus Capital, Kili Ventures LLP, and Dhawan Family Trust.
This financing endeavor marks a pivotal moment for Smartworks as it continues to expand its footprint in the shared workspace industry. The news of this investment was initially disclosed in a filing with the Ministry of Corporate Affairs (MCA) and was later reported by Inc42.
Co-founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks has emerged as a key player in providing flexible office solutions tailored to the needs of enterprises. With a focus on rapid configuration and customization, Smartworks manages over 8 million square feet of office space across more than 40 locations in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune. Its clientele includes a diverse range of organizations, spanning from Forbes 2000/Fortune 500 companies to unicorns and soonicorns.
The infusion of capital is expected to fuel Smartworks’ ambitious expansion plans and further strengthen its market presence.
In a recent development, Smartworks expanded its operations into the Pune market by securing a 14-floor tower in the Balewadi area. This expansion signifies the company’s commitment to meeting the growing demand for flexible workspace solutions in key urban centers.
Despite facing competition from established players such as WeWork India, IndiQube, and Awfis, Smartworks has demonstrated impressive financial performance. In the financial year 2022-23 (FY23), the company reported a staggering 98% year-on-year revenue growth, reaching INR 711 Crores. However, its net loss increased by 44% to INR 101 Crores, indicating the challenges associated with scaling operations in a competitive market landscape.