Smartworks to raise $35 million growth fund

Nov 17, 2020

Smartworks to raise $35 million growth fund

To increase the portfolio to 5 million sqft by the end of this fiscal year.

Homegrown shared office space provider Smartworks plans to raise USD 35-40 million in a mix of debt and equity to fund its plans to nearly double the portfolio to 5 million sqft by March, a top company official has said.

The three-year-old Noida-based company is also eyeing a twofold increase in revenue for the fiscal to ? 320 crores, managing director Neetish Sarda told PTI.

“With 2.8 million sqft, we are the second largest after the multinational Wework which has around 3 million of space under its portfolio.

We now plan to increase the portfolio to 5 million sqft by the end of this fiscal year for which we will be investing close to USD 35-40 million which will be mopped as equity and debt.

“Access to funds from banks and institutions like NBFCs is easy. A lot of private equity investors are also approaching us and we are evaluating them, but we cannot disclose more that at this moment,” he said.

Last year the company closed with revenue of about ? 110 crores with a profit margin of around 10 per cent.

“Our pan-India rentals on average are about ? 10,000 a seat. We are confident of closing this fiscal with ? 320 crore topline and profit margin of 20-30 per cent,” Sarda said.

The company, which is currently present in nine cities including Delhi-NCR, Mumbai, Hyderabad, Bengaluru and Pune among others, is also planning to expand into small towns.

“Our immediate focus is consolidating in these nine cities. Then we will also enter one or two small towns but that is not going to be of significant scale… we will enter with 20,000-40,000 sqft size,” he said.

He said the company will continue to focus on enterprises or MNCs as they offer better margins.

It competes with Wework, Regus, Cowrks, Awfis, Oyo Workspace, Goodworks, Gowork, Skootr, Indiuube, Avanta, 91 Springboard, Creator’s Gurukul, Gohive, Oneculture, Plus Offices and Spring House Coworking among others.

Over the weekend, yet another foreign company entered the already cluttered co-working space with the entry of Thailand’s realty major MQDC, which opened its first centre– Whizdom Club–in Greater Kailash-II in south Delhi in a 22,000 sq ft area leased out from DLF and offers 400 seats.

About Smartworks: 

Smartworks is India’s largest provider of agile workspaces, with a footprint of 2.8 million sq. ft. across 23 locations in 9 cities (Delhi NCR, Kolkata, Bengaluru, Mumbai, Hyderabad, Chennai, and Pune) catering to more than 600 organizations across large enterprises, SMEs and start-ups. Founded in April 2016, Smartworks is redefining the Indian office experience by focusing on design, hospitality, technology and customer delight experience. Smartworks is also the only Indian agile workspace provider to have become profitable in India.

Central to this ambition is the company’s motto, ‘Workspaces that work for you’, with the vision of creating the perfect environment by just not building communities, but also ensuring their member employees are productive in the workplace.

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Anita Sharma
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