Smartworks Receives SEBI Approval for IPO

04 Dec 2024 CW Team

Flexible workspace provider Smartworks has reportedly secured approval from the Securities and Exchange Board of India (SEBI) for its planned initial public offering (IPO). The company, known for its expansive network of coworking spaces, has established operations in 13 cities across India, managing a portfolio of 41 centres spanning 8 million square feet as of March 31, 2024. Smartworks has also entered the international market, leasing a 35,000 sq. ft. space in Singapore.

Since 2019, Singapore-based Keppel Ltd. has been a key investor in Smartworks, contributing $29 million to the company. Recently, Smartworks raised Rs 1.6 billion (approximately $20.24 million) from investors, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, and various family trusts. The company plans to invest Rs 2.38 billion over the next three years in the fit-out of new centres.

In FY24, Smartworks achieved a revenue of Rs 10.39 billion, marking a 46% increase year-on-year. The company’s portfolio includes 8 million sq. ft. of space and 180,000 seats, underscoring its position as a significant player in the flexible workspace sector.

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