Smartworks has leased over 400 seats at its Mumbai centre to a subsidiary of a Japanese non-bank finance company in a Rs 350 million (mn) transaction. The company said the agreement covers managed office space designed to support the tenant's India operations and will strengthen its presence in the city. The deal was presented as part of Smartworks' strategy to grow its enterprise client base.

The leased seating forms part of a larger workplace solution that combines private offices and flexible seating tailored to financial services clients. Smartworks noted that demand from the banking, financial services and insurance segment has driven enquiries for medium to large capacity spaces in prime micro markets. The firm stated the Mumbai lease will help to accelerate occupancy levels at the location.

Industry observers said flexible workplace providers have seen steady interest from corporates seeking turnkey facilities that reduce capital expenditure and speed up onboarding. Smartworks described the transaction as aligning with its focus on long-term enterprise partnerships and bespoke fit-outs for regulated clients. The company indicated that such leases contribute to more predictable revenue streams and improved utilisation.

The agreement will enhance Smartworks' visibility among multinational and domestic financial services firms seeking local operational bases. Management highlighted that the offering includes infrastructure, compliance support and operational services to meet sector requirements. The firm said it will continue to target large deals with institutional clients as part of its growth plan.

Smartworks' model of operating and managing workspaces for corporate tenants is designed to reduce administrative burden and enable rapid scale-up. The company added that customised technology and security features form part of the service proposition to meet compliance demands. The firm noted that continued corporate interest in flexible workplaces is driving transactions across major Indian cities.