Smartworks Coworking Space Pvt. Ltd said Thursday it has raised Rs 168 crore ($20.24 million) this year from a host of investors including existing backer Keppel Ltd.
Ananta Capital Ventures Fund I, Plutus Capital, family trusts and high-net-worth individuals (HNIs) also joined the round, the co-working space provider said in a statement. It didn't disclose the names of the family trusts and HNIs.
Mumbai-based Ananta Capital is backed by the Taparia Group, which owned pharmaceutical company Famy Care.
Smartworks was founded by Neetish Sharda and Harsh Binani in 2016. The company has a presence in 13 cities and manages 41 centres spanning 8 million square feet. It caters to sector-agnostic large organizations and says clients can customise the office space.
Co-founder Sarda said the company will use the capital to expand its business and to meet general corporate expenses.
The founders of Smartworks continue to hold a majority shareholding in the company after the latest fundraise, according to its statement.
The new round takes Keppel Ltd’s total investment in Smartworks to $29 million, the Indian company said.
In 2019, the company raised $25 million from Singapore-based Keppel Ltd, the property arm of business group Keppel Corporation.
“This [new] 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 urbanisation through our urban space solutions,” said Louis Lim, chief executive officer of real estate at Keppel Ltd.
In FY24, the company added new centres across India in cities such as Gurgaon, Noida, Pune and Chennai. Some of the large campuses in the company’s portfolio include Vaishnavi Tech Park in Bengaluru, M Agile, 43 EQ and AP81 in Pune.
In FY23, the startup nearly doubled its revenue to Rs 710 crore from Rs 360 crore in FY22. However, its loss widened to Rs 100 crore in FY23 from Rs 70 crore the year before.
In the co-working space, Smartworks’ competitor Awfis floated its initial public offering last year. The IPO was covered 108 times. Awfis raised Rs 128 crore via a fresh issue of shares while two of its investors, Peak XV Partners and ChrysCapital, sold part of their stake in the company.
