Coworking co Smartworks secures Rs 168 Cr from Keppel, Ananta Capital, others

Managed workspace provider Smartworks has raised a total of Rs 168 crore this calendar year in private funding rounds from investors including Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and high-net-worth individuals.

The Gurugram-based company told YourStory that the overall funding (approximately $20.24 million) raised includes the previously reported Rs 100 crore, which it raised earlier this month from a group of investors, with Ananta Capital leading the round.

According to the company’s MCA filings, the Rs 100 crore funding saw investment from various parties, including Lend Lease, Plutus Capital, Dhawan Family Private Trust, Kili Ventures LLP, Anand Dalmia, and Stargazer Fund-1, among others.

Founder Neetish Sarda said that the capital from the latest fundraising will be used for the growth and expansion of the company's business and to meet its general corporate expenses.

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Smartworks, founded by Sarda and Harsh Binani in April 2016, has expanded its presence to encompass over 8 million square feet of office space across more than 41 locations in 13 cities. 

The company stated that its promoters maintain majority ownership. Notable investors include Keppel Ltd, Mahima Stocks Private Limited, and Deutsche Bank AG London Branch, among others.

So far, Singapore-based Keppel Ltd has invested a total of $29 million in Smartworks, including $25 million contributed during a Series A round in 2019.

“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,” Louis Lim, CEO, Real Estate of Keppel Ltd, said.

Lim added, “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.”

Smartworks claims to serve over 600 organisations, including Forbes 2000/Fortune 500 companies, and global multinational corporations. Its revenue from operations rose 97.5% to Rs 711 crore in FY23 from Rs 360 crore in FY22, while its losses widened by 44.3%, touching Rs 101 crore in FY23 compared with Rs 70 crore in FY22.