Smartworks raises ₹168 crore in funding round from a consortium of investors including Keppel Ltd

Gurugram-based managed and flexible office space provider Smartworks has raised ₹168 crore from a group of investors including Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and certain high-net-worth individuals.

The promoters of Smartworks continue to hold a majority shareholding in the firm, the company said in a statement on June 27.

“Capital from the latest fundraising will be used for the growth and expansion of the business of the company and to meet its general corporate expenses. We remain committed to our growth,” Smartworks Founder Neetish Sarda said.

As per data sourced from market intelligence platform Tracxn, Smartworks has raised a total of $86.6 million across seven rounds till date.

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The company's statement noted that Smartworks counts Keppel Ltd, Mahima Stocks Private Limited and Deutsche Bank A G London Branch, among others, as its prominent/notable investors.

Singapore-based Keppel Ltd first invested in Smartworks in 2019 and has since been a longstanding investor in the company with its total stake standing at $29 million till date.

“Keppel remains committed to continue supporting Smartworks’ growth. 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 urbanisation…,” said Louis Lim, CEO, Real Estate, Keppel Ltd.

Also Read: Managed office space provider Smartworks aims to hit 25 m sq ft across 14 cities in 4-5 years

As of March 31, 2024, Smartworks commanded presence in a total of 13 cities with a portfolio comprising 41 centres spanning 8 million square feet. The brand aimed to close FY24 with a topline of ₹1,200 crore, Sarda told HT Digital last year.

As reported by HT Digital earlier this week, the company is preparing to launch its market debut in 2025, as per industry sources in knowledge of the developments. Smartworks did not respond to a query on the same.

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This comes after industry peer Awfis Space Solutions launched its Initial Public Offering last month, valued at ₹599 crore.