The coworking space startup Smartworks raised $20 million in its latest funding round. Ananta Capital led the round, which saw participation from other investors, including Keppel Ltd, Plutus Capital LLC, Ananta Capital Ventures Fund I, and other individual investors. The company plans to use these fresh proceeds for business growth, market expansion, and general corporate expenses.
Smartworks is a coworking company that offers office space to its clients which can be rapidly customized and configured according to the needs of enterprises. The round saw participation from 45 other investors including Kili Ventures LLP, Plutus Capital, and Dhawan Family Trust. This new round came after the company secured $4 million from its existing investor Keppel Ltd. Smartworks was also looking to raise around $70 million to $90 million and this new round can be an initiative towards that goal. The company can feel a sense of relief and confidence as the investment highlightsthe confidence of investors in the startup’s vision and potential.
This coworking startup will be using the fund to scale up operations and enhance its services. The startup offers variety of workspace solutions according to the requirements of an enterprise, individuals, SMEs, startups, and more. Keppel has been an active investor in the firm as it also led the series A round and invested $25 million in the company. The company claims to have office spaces in over 40 locations including Bengaluru, Delhi NCR, Mumbai, Pune, and Kolkata.
Smartworks serves over 600 organizations including Forbes 2000, unicorns, multinational companies, and soonicorns. The Pune branch of the firm can hold over 8,000 desks. The startup reported a 98 percent increase in year-on-year revenue to Rs 711 crore while the net losses also increased by 44 percent to Rs 101 crore in FY23. The company faces direct competition from IndiaQube, WeWork India, and Awfis. Awfis is another co-working space provider that raised Rs 268.6 crore fund ahead of Initial Public Offering. The startup secured this amount from 32 anchor investors at an upper price of Rs 383 per equity share.
Conclusion:
Smartworks, a co-working space provider has secured $20.24 million in its fresh funding round from Ananta Capital, Keppel Ltd, Plutus Capital LLC, Ananta Capital Ventures Fund I, and other individual investors. The company plans to use this fresh capital on business growth, market expansion, and general corporate expenses. The firm previously secured $12 million in a funding round led by Ananta Capital. The round saw participation from 45 more investors including Kili Ventures LLP, Plutus Capital, and Dhawan Family Trust. Smartworks is a working space-providing company that provides office space to clients. These office spaces can be easily customized and configured according to the needs of business. This establishment offers a variety of co-working space solutions according to the requirements of a business, SMEs, startups, MNCs, and more. The startup claims to have office spaces in further than 40 locations in 13 cities across the country.
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