Coworking startup Smartworks has successfully raised $12 million (approximately INR 100 Crores) in a new funding round led by Ananta Capital, known for backing Bella Vita Organic. This funding round included participation from 45 investors, notably Plutus Capital, Kili Ventures LLP, and Dhawan Family Trust, as per the startup’s filing with the Ministry of Corporate Affairs (MCA).
This news is first reported by Inc42.
It is noteworthy that Smartworks co-founder Neetish Sarda mentioned in May last year that the startup aimed to raise between $70 million to $90 million. The latest fundraising effort might be part of this larger funding round. Previously, the startup garnered $25 million in its Series A funding round from Keppel Land.
Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a shared workspace provider offering office spaces that can be rapidly configured and customized to meet the needs of enterprises. The startup claims to manage over 8 million square feet of office space across more than 40 locations in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune. It serves over 600 organizations, including Forbes 2000/Fortune 500 companies, multinational corporations, unicorns, and soonicorns.
Last month, Smartworks expanded into the Pune market by leasing a 14-floor tower in the Balewadi area. This building is anticipated to accommodate 8,000 desks.
Financially, Smartworks’ revenue surged 98% year-on-year to INR 711 Crores in the financial year 2022-23 (FY23), while its net loss increased by 44% to INR 101 Crores.
The startup faces competition from established players like WeWork India, IndiQube, and the recently listed Awfis.