Smartworks is a co-working space providing startup that offers working space to its clients, which can be rapidly tailored according to the needs of businesses. The company converted into a public company. This is the first step for the startup toward its initial public offering. The startup previously raised $20 million in its fresh funding round from Ananta Capital and the firm’s existing investors. Here we are talking about Co-working space providing startup Smartworks converted to a public company.
The board passed a resolution to change Smartwork’s status from a private to a public company. The company’s name has now been changed to Smartworks Coworking Spaces Limited from Smartworks Coworking Spaces Private Limited. The startup provides managed working spaces to its clients from real estate developers. The company serves its clients in various locations across India, including Kolkata, Delhi-NCR, Pune, Hyderabad, Chennai, and Bengaluru. The firm has offices in around 13 cities with 41 centers covering 8 million square feet. Smartworks was planning to raise around $70 million to $90 million for its initial public offering.
This coworking space startup has raised a total fund of $70 million since its inception. This includes $25 million secured in a funding round led by Keppel Land in 2019. The startup data intelligence platform the credible, after the latest funding round, NS Niketan LLP became the largest stakeholder for the firm with a 45 percent stake in the company. The company claims to have office spaces in more than 41 locations in India. This coworking startup is working to scale its operations and enhance its services ahead of IPO.
Smartworks reported a two-fold increase in its scale to Rs 744 crore in FY23. However, the loss also increased by 44 percent to Rs 101 crore in the same duration. The company faces direct competition from WeWork India, IndiaQube, and Awfis. In the co-working space market, Awfis is the first Indian startup listed on the stock exchange after raising Rs 268.6 crore fund ahead of its IPO. The company earns most of its income through its subscription-based model, while the lease rental contributes to 97 percent of the total operating revenue, which had a 97.4 percent increase to Rs 687 crore in FY23.
Conclusion
Smartworks, a co-working space provider, converted itself into a public office. This marks the first initiative by the company towards its initial public offering plan. The board passed a resolution to change Smartworks’s status from a private to a public company, changing its name to Smartworks Coworking Spaces Limited. Smartworks is a space-providing startup that provides working space to clients.
The company provides managed office spaces to its guests by leasing them from real estate developers. The company offers its services across various regions in India, including Kolkata, Delhi NCR, Pune, Hyderabad, Chennai, and Bengaluru. The latest funding round made NS Niketan LLP the biggest stakeholder of smart works, with a 45 percent stake. The company earns the majority of its profit through its lease rental services which contributes to 97 percent of the total operating profit.
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