Smartworks Secures Rs 168 Crore To Expand Managed Workspaces Across India

Smartworks, a managed workspace provider, has secured Rs 168 crore (approximately USD 20.24 million) in new funding to support its expansion across India. This round included investors such as Keppel, Ananta Capital Ventures Fund, Plutus Capital, family trusts, and high-net-worth individuals. Keppel, based in Singapore, has been a major backer since 2019, investing a total of USD 29 million.

Neetish Sarda, Founder of Smartworks, expressed gratitude for the continued support from investors, emphasising that the funds will drive the company's growth and strengthen its market position. The capital will be used to open new centers in key Indian cities.

In the fiscal year 2024, Smartworks expanded its portfolio with new centers in Gurgaon, Noida, Pune, and Chennai, adding to its large campuses in Bengaluru and Pune. As of 31 March 2024, Smartworks operates in 13 cities with 41 centers, covering 8 million square feet, catering to clients across various sectors with flexible workspaces.

Louis Lim, CEO of Real Estate at Keppel, highlighted Smartworks' leadership in India's managed workspace market and reaffirmed Keppel's commitment to supporting their growth, reflecting a long-term focus on India's commercial office sector.

This funding round underscores the increasing demand for managed workspaces in India, driven by rising startup activity and the evolving needs of modern businesses.