Managed workspace platform Smartworks has raised funds worth $20.24 million (Rs 168 crore) this year from its investors to boost expansion, the company said.
The investors include Keppel Limited, Ananta Capital Ventures Fund I, Plutus Capital, Family Trusts and certain high-net-worth individuals in private funding rounds, it added.
The company said that the promoters of Smartworks will continue to hold a majority stake in the company.
“We thank our investors for their continued confidence in our capabilities and the office experience and managed campus platform. Capital from the latest fund raising 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,” Neetish Sarda, Founder Smartworks, said in a statement.
In the fiscal 2024, the company added new centres such as Golf View Corporate Towers in Gurugram, Logix Cyber Park in Noida, Amar Tech Center, and 43EQ in Pune and Olympia Pinnacle in Chennai. Some of the large campuses in the company's portfolio include Vaishnavi Tech Park in Bengaluru, M Agile, 43 EQ, and AP81 in Pune, the company said.
Since 2019, Singapore-based Keppel Ltd has been a prominent and longstanding investor in Smartworks having invested $29 million in the company to date.
Louis Lim, CEO, Real Estate at Keppel Ltd said that since Keppel’s initial investment in 2019, Smartworks has grown to become India’s leading managed workspace platform.
“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 through our innovative urban space solutions,” Lim said.
As of March 31, 2024, Smartworks has a presence in 13 cities and portfolio comprising 41 centres spanning across 8 million sqft.
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