Co-working space solutions provider Smartworks has transitioned into a public company, marking a significant step toward its planned initial public offering (IPO).
The Smartworks board approved the resolution to change the company’s status from private to public, resulting in a name change from Smartworks Coworking Spaces Private Limited to Smartworks Coworking Spaces Limited.
This development follows Smartworks’ $20 million funding round from Keppel, Ananta Capital Ventures Fund I, and others.
Smartworks offers managed office spaces by leasing properties from real estate developers and subleasing them to enterprises. The company operates in Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and other locations.
As of March 2024, Smartworks operates in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, with a portfolio of 41 centers covering 8 million square feet.
To date, the co-working space firm has raised over $50 million, including a $25 million investment from Singapore-based Keppel Land in 2019. According to startup data intelligence platform TheKredible, NS Niketan LLP, which includes founder Neetish Sarda and others, controls more than 45% of the company’s stake as of the last funding round.
Smartworks has shown robust financial growth, nearly doubling its scale to Rs 744 crore in FY23. However, like many growth-stage companies, its losses also increased by 44% to Rs 101 crore during the same period. The company has yet to file its annual results for FY24.
In the co-working space industry, Awfis was the first Indian startup to get listed on the stock exchange. The Peak XV-backed firm was oversubscribed by more than 100 times on the final day of bidding.