[Update] Exclusive: Smartworks Raises $20 Mn From Ananta Capital, Keppel, Others

[Update] Exclusive: Smartworks Raises $20 Mn From Ananta Capital, Keppel, Others

SUMMARY

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

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.

Update | June 27, 03:35 PM

Coworking startup Smartworks said it has raised $20.24 Mn (around  INR 168 Cr) this year so far from investors like Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital LLC, family trusts, and a host of individual investors.

In a statement, Smartworks founder Neetish Sarda said, “We thank our investors for their continued confidence in our capabilities and the office experience and managed campus platform. Capital from the latest fund raising will be used for the growth and expansion of the business of the company and to meet its general corporate expenses.”

—————————————————————————————————————————

Original Story | June 11, 08:05 PM

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

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

[Update] Exclusive: Smartworks Raises $20 Mn From Ananta Capital, Keppel, Others-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

[Update] Exclusive: Smartworks Raises $20 Mn From Ananta Capital, Keppel, Others-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

[Update] Exclusive: Smartworks Raises $20 Mn From Ananta Capital, Keppel, Others-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

[Update] Exclusive: Smartworks Raises $20 Mn From Ananta Capital, Keppel, Others-Inc42 Media
[Update] Exclusive: Smartworks Raises $20 Mn From Ananta Capital, Keppel, Others-Inc42 Media
You’re in Good company