India's Leap Towards Sustainable & Innovative Workspace Design
- Industry News
- March 13, 2024

Smartworks has leased 1.68 lakh sq. ft. in Kolkata to a leading global IT, consulting, and business process services company, marking the city’s largest flex office transaction. The space spans Smartworks’ Victoria Park and Mediasiti campuses in Salt Lake Sector V and offers tech-enabled work zones, collaboration areas, wellness spaces, and enterprise-grade amenities.
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Smartworks has taken on 815,000 sq. ft. of office space at Eastbridge, Mumbai—a major development by the Niranjan Hiranandani Group. Scheduled to go live in Q4 2026, this will become Smartworks’ largest global campus, reinforcing its campus-led strategy. Leaders from both companies call it a milestone in scale, design, and sustainability.
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CARE Ratings has reaffirmed Smartworks Coworking Spaces’ long-term rating at ‘CARE A’ with a ‘stable’ outlook and its short-term rating at ‘CARE A1’. The rating action reflects improved scale, healthy occupancy, a stronger post-IPO capital structure, diversified tenant base, and robust cash flows, while flagging risks from aggressive expansion, lease renewals, and sector cyclicality.
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Smartworks Coworking Spaces Ltd. has named Anshul Popli as Head – Product & Execution, responsible for procurement and projects across MEP, QS, and execution. Drawing on his entrepreneurial experience at Modern Intrno and an MBA from the University of Nottingham, Popli will support Smartworks’ 12.7 million sq. ft. managed office portfolio and deepen its delivery excellence.
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Smartworks has leased ~1.66 lakh sq ft to Wolters Kluwer at its Marisoft campus in Pune’s Kalyani Nagar micro-market, strengthening its large-format, campus-led strategy. The deal comes on the back of a strong Q2 FY26, where Smartworks reported 21% YoY revenue growth, rising enterprise cohorts, and a net-debt negative balance sheet.
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Smartworks posted 21% YoY revenue growth to ₹424.8 crore, a 46% jump in normalised EBITDA to ₹69.6 crore, and 40% QoQ PBT growth to ₹24.5 crore, with RoCE at 14.3%. The company turned net-debt negative, won an ‘A; Stable’ CareEdge upgrade, and signed 8.15 lakh sq. ft. at Eastbridge, Mumbai—its largest global campus deal.
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