Smartworks to invest $25M in new tech venture for workspace management
, which provides managed office space, will invest $ 25 million (nearly Rs 190 crore) in its new tech venture that will offer services related to workspace management, as part of its plan to grow business.
The new firm 'Smartworks Technology Services' will be a 100 per cent subsidiary of Smartworks and it aims to launch a building operating platform and workspace management SaaS product.
Founded in April 2016, Smartworks currently has a portfolio of around 5.3 million square feet of office space across 32+ locations in nine major cities.
Smartworks has appointed Anuj Nangpal as the Chief Executive Officer (CEO) to head this new venture. Anuj joins Smartworks Technology Services from a USD 100 million global fund investing in Proptech -- JLL Spark.
"We will invest USD 25 million to grow this new business," Smartworks founder Neetish Sarda said.
The company has already bagged 12 clients in this new venture, said Harsh Binani, co-founder, Smartworks.
Elaborating on the new venture, Sarda said the demand for flexible workspace has grown rapidly since the COVID-19 pandemic.
"Technology has been at the core of our managed offices since our inception and will now serve as a key enabler towards spearheading our enterprise-focused workspace solutions to the next level of growth," he added.
Sarda said the company will offer these SaaS platforms to organisations globally to manage all their real estate needs.
"Built in-house for improved performance and efficiency, our 400+ clients are already benefiting from these technology solutions. Additionally, these SaaS solutions have also been sold to external enterprise clients," he said.
The workplace management SaaS product will integrate technology with flexibility, safety, privacy and security while prioritising employee health, well-being and productivity. The building operating platform will allow landlords to manage their office assets more efficiently and sustainably.
With Smartworks Technology services' suite of solutions, companies can seamlessly manage their office space by improving speed, productivity and operational efficiencies.
The offerings will enable enterprises to make faster and smarter data-based real estate decisions such as space allocation, optimisation and utilisation, and transformation of their employees' overall office experience.
The cloud platform will integrate all the siloed Technology and applications used to run buildings and empower the building owners to make predictive interventions, enhancing the efficiency of the building and the experience of the tenants.
With this launch, Smartworks has also elevated Nitiraj Shekhawat, Vice-President (Technology) to the Chief Technology Officer of Smartworks Technology Services in addition to his existing responsibilities.
The company also plans to hire over 100 employees in the next two years.