Smartworks has transitioned to a public company, aiming for an IPO. Following a $20 million funding round, its name changed to Smartworks Coworking Spaces Limited. With 41 centres across 13 cities, the company nearly doubled its revenue to ₹744 crore in FY23. Key stakeholders include NS Niketan LLP.
Smartworks, a leading provider of coworking space solutions, has strategically transformed itself into a public company, a significant move in preparation for its anticipated initial public offering (IPO). The board’s approval to change its status from a private to a public entity, along with the alteration of its name to Smartworks Coworking Spaces Limited, marks a well-planned shift in the company’s trajectory.
Following Smartworks’ successful $20 million funding round, this development underscores investors’ confidence in the company’s business model and growth trajectory. The substantial backing from Keppel, Ananta Capital Ventures Fund I, and others is a testament to the company’s potential and the trust it has garnered.
Smartworks specialises in managed office spaces, leasing properties from real estate developers and subleasing them to various enterprises. The company’s extensive network spans significant cities, including Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, and Hyderabad. By March 2024, Smartworks had established a presence in 13 cities with a portfolio comprising 41 centres totalling 8 million square feet.
Smartworks has shown impressive financial growth, with its revenue nearly doubling to ₹744 crore in FY23. Despite increased losses, which rose by 44% to ₹101 crore during the same period, the company’s robust financial performance and expansive footprint highlight its strong market position and potential for future growth and profitability.
The transition to a public company and the looming IPO align Smartworks with industry pioneers. Notably, Awfis became the first Indian coworking startup to list on the stock exchange, a move that saw its IPO oversubscribed by more than 100 times on the final day of bidding. Smartworks’ public listing is poised to follow this trend, signalling a burgeoning interest and confidence in the coworking sector.
In summary, Smartworks’ conversion to a public company is pivotal in its growth journey. It sets the stage for an IPO and further solidifies its position in the competitive coworking space industry. This move reflects the company’s strong market presence and potential for future growth and profitability.
