Smartworks Raises INR 168 Crore in Latest Funding Round to Fuel Expansion
- ByStartupStory | June 27, 2024
Smartworks, India’s leading managed workspace platform, today announced that it has secured INR 168 crore (US $20.24 Mn) in a fresh round of funding. The investment comes from a diverse group of backers, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and several high-net-worth individuals. The promoters of Smartworks maintain a majority shareholding in the company.
Notable investors in Smartworks include Keppel Ltd., Mahima Stocks Private Limited, and Deutsche Bank A.G. London Branch, among others. The latest infusion of capital is expected to accelerate the company’s growth and expansion plans, as well as cover general corporate expenses.
Expressing gratitude for the continued support from investors, Neetish Sarda, Founder of Smartworks, said, “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.”
Louis Lim, CEO, Real Estate of Keppel Ltd., also emphasized Keppel’s ongoing commitment to Smartworks and India’s commercial office market. “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,” Lim stated.
In the fiscal year 2024, Smartworks added several new centers to its portfolio, including Golf View Corporate Towers in Gurgaon, Logix Cyber Park in Noida, Amar Tech Center and 43EQ in Pune, and Olympia Pinnacle in Chennai. The company’s large campuses include Vaishnavi Tech Park in Bengaluru, M Agile, 43EQ, and AP81 in Pune.
Since 2019, Keppel Ltd., based in Singapore, has been a significant and enduring investor in Smartworks, with a total investment of USD $29 Mn to date. As of March 31, 2024, Smartworks boasts a presence in 13 cities with a portfolio of 41 centers spanning 8 million square feet, catering to large organizations across various sectors.
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