Flexible managed office operator Smartworks said it aims to reach its target of annual revenue of more than Rs 1,000 crore by the end of 2022 driven by a spurt in demand for flexible office space.
The company, which turned profitable in 2019, reported a 25% year-on-year increase in EBIDTA for the July-September quarter and subsequent quarter is expected to witness further margin expansion.
In August, Smartworks had taken 700,000 square feet of office space on lease at Vaishnavi Tech Park in Bengaluru, marking the biggest flex office transaction in the country. Smartworks now plans to double its office portfolio to more than 10 million sq.ft. by March 2023.