The Delhi-based company will be using the latest funds to increase its desk counts across the cities where it already has a presence and to foray into new markets.
Smartworks Coworking Space, a flexible space solutions provider, has raised $25 million from Singapore-based Keppel Land.
The Delhi-based company will be using the latest funds to increase its desk counts across the cities where it already has a presence and to foray into new markets. It is planning to take the total desk count to 65,000 by the end of this year from 25,000 now.
Neetish Sarda, Founder of Smartworks Coworking Space, said, “This is series-A funding for the company and shows how global institutions still believe in the growth of coworking space. We plan to raise around $20mn addition through debt and internal accruals too.”
Tan Swee Yiow, CEO, Keppel Land, stated, “This investment allows Keppel Land to enter one of the world’s fastest-growing flexible office markets, opening doors for further growth through this collaboration.”
Currently, the company has 23 operational centres in nine cities, namely, Delhi, Noida, Gurgaon, Kolkata, Bengaluru, Mumbai, Hyderabad, Chennai and Pune, offering a total of about 43,000 workstations spread over 2.3 million sq ft. Smartworks centres presently cater to more than 400 organisations.
Harsh Binani Co-Founder of Smartworks, added, “Over the next five years, Smartworks plans to grow its footprint to 20 million sq ft and provide office solutions for over 200,000 working professionals.”
Smartworks is further eyeing to venture into cities like Bhubaneswar and Ahmedabad with small-format facilities in the coming years.