Capital from the latest fund raising will be used for the growth and expansion of the business of the company and to meet its general corporate expenses
Smartwork, a workspace platform, today announced that it has raised Rs 168 crore this year from investors including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and certain high-net-worth individuals in private funding rounds.
Neetish Sarda, Founder of Smartworks, said, “Capital from the latest fund raising will be used for the growth and expansion of the business of the company and to meet its general corporate expenses.”
The bulk of Smartworks' shares are still owned by the company's promoters. Among its important and well-known investors are Keppel Ltd., Mahima Stocks Private Limited, and Deutsche Bank A.G. London Branch.
Louis Lim, CEO, Real Estate of Keppel Ltd., said, “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 urbanization through our innovative urban space solutions.” Since 2019, Singapore-based Keppel Ltd. has been a prominent and longstanding investor in Smartworks, having invested $29 million in the company to date.
The corporation opened new locations in Fiscal 2024, including Olympia Pinnacle in Chennai, Amar Tech Center and 43EQ in Pune, Golf View Corporate Towers in Gurgaon, and Logix Cyber Park in Noida. AP81 in Pune, M Agile, 43 EQ, and Vaishnavi Tech Park in Bengaluru are a few of the company's sizable campuses.
As of March 31, 2024, Smartworks has a presence in 13 cities and a portfolio comprising 41 centers spanning 8 million sq. ft., according to a company statement. Co-working spaces are increasing in India. A report by private equity advisory firm Avendus says that the flexible marketplace in India is supposed to grow from 61 million sq. ft., in 2023 to 126 million sq. ft. by 2028. Some of the co-working spaces in India are Awfis, Table Space, Cowork, and others.