Smartworks has leased 450,000 sq ft at Gurugram’s ASF Insignia Campus, expanding its flexible workspace offerings for SEZ and non-SEZ tenants. Zomato has leased 750 seats, and Smartworks plans further growth, including an IPO to raise ₹110 crore. The company reported ₹1,039 crore in revenue for 2023-24.
Flexible workspace provider Smartworks has secured a major lease of 450,000 square feet at the ASF Insignia Campus in Gurugram, marking a significant expansion in one of India’s key commercial hubs. Located in Vatsal Valley, the 50-acre LEED-certified campus primarily functions as a special economic zone (SEZ), housing prominent companies such as Mercer, IBM, Ericsson, and Nestle.
With the expansion, Smartworks plans to offer fully managed workspaces to SEZ and non-SEZ tenants. Notably, Zomato has already leased approximately 750 seats within the facility. Neetish Sarda, founder of Smartworks, emphasized the strategic importance of the new site, stating, “Gurgaon is a key market for us. Our expansion aligns with our growth strategy to acquire large properties across India, enabling us to offer tailored and fully managed workspaces with various value-added services and amenities.”
Smartworks’ partnership with ASF Group will enable the company to cater to diverse occupiers across the warm shell, fitted-out, and managed service solutions, providing flexible workspace options for various businesses. ASF Group Chairman Anil Saraf highlighted the campus’s readiness, adding, “Through our partnership with Smartworks, we will provide office space to SEZ and non-SEZ occupiers across the warm shell, fitted-out, and managed service solutions. All necessary approvals are in place.”
The ASF Insignia Campus has already delivered 5 million square feet of commercial real estate projects and recently obtained approvals for domestic IT and ITeS companies to operate within its SEZ park. This opens opportunities for more diverse tenants to lease space at the prestigious site.
In parallel with its rapid expansion, Smartworks has also filed preliminary documents with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). According to its draft red herring prospectus, the company plans to raise approximately ₹110 crore through a pre-IPO placement, with ₹140 crore allocated for loan repayments and the remainder for corporate purposes.
The company’s recent fundraising efforts have attracted investments from Keppel Ltd., Ananta Capital Ventures Fund I, and other prominent investors, contributing ₹168 crore (around $20.24 million). With a total portfolio of 8 million square feet and 180,000 seats, Smartworks reported impressive revenues of ₹1,039 crore for 2023-24, reflecting a 46% increase from the previous year.
Smartworks has established a strong presence in the flexible workspace market, with 41 centres across 13 cities in India. Its strategic expansions and partnerships aim to meet the growing demand for flexible, high-quality office spaces in major urban centres, making it a key player in India’s rapidly evolving workspace industry.
