Smartworks pumps $20 million in 18 co-working centres

Co-working operator Smartworks has invested $20 million in the last two-and-half years on setting up 18 facilities, of which 3 are underway, to tap into the rising demand for shared office space, a top company official said.

The company has become profitable with its revenue rising 15 percent month-on-month, Smartworks founder Neetish Sarda said.

Founded in April 2016, Smartworks has opened 15 facilities across nine cities covering 16,000 seating capacity and 1.1 million sq ft of area.

"We have opened our second centre at Chennai comprising 1,500 seats, taking the total number of centres to 15," Sarda said.

Besides Chennai, the company has 3 centres in Pune, two each in Mumbai, Gurgaon and Bengaluru. In Delhi, Noida, Hyderabad and Kolkatta, it has one centre each.

Smartworks will soon open three centres in Chennai, Bengaluru and Gurgaon, said co-founder Harsh Binani. The company sub-leases the space to clients who give long-term commitment and absorbs large space, he added.

Smartworks has brought on board several big clients, including Tata Communications, Microsoft, Arcelor Mittal, Amazon, Carrier, Otis, Daikin, Lenovo, Bacardi, Swiggy, Rivigo and OLX.

Asked about the revenue, Sarda said it is growing 15 percent month-on-month but declined to share the details. The revenue jumped five times during 2017-18.

Binani said the promoters have infused $20 million since inception and the same has been utilised on 15 centres that are operational and three in pipeline.