By Inc42 Media
Coworking startup Smartworks has raised around $12 Mn (about INR 100 Cr) in a fresh funding round led by Ananta Capital, the backer of Bella Vita Organic.
As per the startup’s filing with the Ministry of Corporate Affairs (MCA), the funding round saw participation from around 45 investors, including Plutus Capital, Kili Ventures LLP, and Dhawan Family Trust.
Smartworks didn’t respond to Inc42’s queries on the development till the time of publishing this story. The article would be updated on receiving a response from the startup.
The fresh investment comes almost a couple of months after Inc42 exclusively reported that the startup raised nearly $4 Mn from its existing investor, Singapore-based Keppel Land.
It is pertinent to note that Smartworks cofounder Neetish Sarda said in May last year that the startup was looking to raise $70 Mn to $90 Mn. The latest fundraise could be a part of this funding round.
Prior to this, the startup raised $25 Mn in its Series A funding round from Keppel Land.
Founded in 2016 by Sarda and Harsh Binani, Smartworks is a shared workspace provider. It provides office spaces that can be rapidly configured and customised to the needs of enterprises.
The startup claims to have over 8 Mn sq. ft. of office space across 40+ locations in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai and Pune. It caters to over 600 organisations, including Forbes 2000/ Fortune 500 companies, multinational companies, unicorns and soonicorns.
Last month, the startup entered the Pune market by leasing a 14-floor tower in Balewadi area. The building is expected to accommodate 8,000 desks.
SmartWorks’ revenue soared 98% year-on-year to INR 711 Cr in the financial year 2022-23 (FY23), while net loss increased 44% to INR 101 Cr.
The startup competes against the likes of WeWork India, IndiaQube, and recently-listed Awfis.