New Delhi: Managed workplace platform Smartworks has raised Rs 168 crore in the current calendar year, from investors such Keppel Ltd, Ananta Capital Ventures Fund, Plutus Capital, family trusts, and from individuals in private funding rounds.
In a statement on Thursday, the company said that its promoters continue holding majority shareholding in the company. Other prominent investors include Keppel, Mahima Stocks Private Limited and Deutsche Bank
“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,” Smartworks founder Neetish Sarda said. The company caters to workspace needs to large organizations across sectors.
While the co-working and managed workplace sector in other markets has witnessed a downturn since the Covid-19 pandemic, the vertical is doing well in India and is highly competitive. Prominent players include WeWork India, Awfis, BHive and Smartworks.
Since 2019, Singapore-based Keppel has invested $29 million (Rs 242 crore) in the company. Louis Lim, CEO, Real Estate of Keppel Ltd. said, “This investment maintains our long-term involvement in India’s commercial office market, as we look to expand Keppel’s office portfolio in India.”
As of March 31, 2024, Smartworks has a presence in 13 cities and portfolio comprising 41 centres spanning across 8 million square feet.
Published 27 June 2024, 09:29 IST