Smartworks, a prominent provider of co-working space solutions, has officially become a public company as part of its preparation for an upcoming initial public offering (IPO). The company’s board has approved the transition from Smartworks Coworking Spaces Private Limited to Smartworks Coworking Spaces Limited.
This move follows a recent funding round where Smartworks raised $20 million from investors including Keppel and Ananta Capital Ventures Fund I. The company leases office spaces from real estate developers and subleases them to enterprises across major Indian cities such as Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, and Hyderabad.
As of March 2024, Smartworks operates in 13 cities and manages 41 centers totaling 8 million square feet of office space. Since its inception, Smartworks has raised over $50 million, with significant investments such as $25 million from Keppel Land in 2019. According to startup data platform TheKredible, founder Neetish Sarda’s NS Niketan LLP holds more than 45% stake in the company following the latest funding round.
Financially, Smartworks reported robust growth, with its revenue nearly doubling to Rs 744 crore in FY23. However, like many expanding companies, its losses also increased by 44% to Rs 101 crore during the same period. The company is expected to release its annual results for FY24 soon.
In the co-working sector, Awfis recently became the first Indian startup to list on the stock exchange, with overwhelming investor interest demonstrated as the Peak XV-backed firm was oversubscribed by more than 100 times on the final day of bidding.
