Smartworks Raises $4 Mn From Existing Backer Keppel Land

Share via:

SUMMARY

Smartworks has raised nearly $4 Mn (about INR 33 Cr) from its existing backer, Singapore-based Keppel Land

The latest fundraise came almost five years after the startup raised $25 Mn in its Series A funding round from Keppel Land

The latest fundraise came almost five years after the startup raised $25 Mn in its Series A funding round from Keppel Land. 

Coworking space provider smartworks has raised nearly $4 Mn (about INR 33 Cr) from its existing backer, Singapore-based Keppel Land. 

As per the startup’s regulatory filing, it issued cumulative convertible preference shares to real estate giant Keppel Land for INR 269 per share.

The funding could likely be a part of a larger funding round. In May last year, Smartworks cofounder Neetish Sarda said that the startup was looking to raise $70 Mn to $90 Mn.

“We might raise equity capital anywhere between $70 Mn and $90 Mn. We need growth capital for FY25 and beyond,” Sarda told news agency PTI.

A detailed questionnaire sent to Smartworks on the funding didn’t elicit any response till the time of publishing this story. 

The latest fundraise came almost five years after 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 their enterprise clients, offering a full suite of solutions. 

The startup claims to have over 8 Mn sq. ft. of office space across 40+ locations in 14 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai and Pune. It caters to over 600 organisations, including Forbes 2000 /Fortune 500 companies, multinational companies and unicorns and soonicorns.

Smartworks counts the likes of Honeywell, Starbucks Coffee, DHL, and Moglix among its clients. 

It reported an operating revenue of INR 711 Cr in the financial year 2022-23 (FY23), 98% higher than INR 360 Cr in FY22. Net loss increased 44% to INR 101 Cr during the year under review. 

Smartworks competes against the likes of WeWork India, IndiaQube, and IPO-bound Awfis

Earlier today, it was reported that WeWork Inc is looking to sell its 27% stake in its India unit, WeWork India, for INR 1,200 Cr to A91 Partners, Emam group’s family office, and Mithun Sacheti.




Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Smartworks Raises $4 Mn From Existing Backer Keppel Land

SUMMARY

Smartworks has raised nearly $4 Mn (about INR 33 Cr) from its existing backer, Singapore-based Keppel Land

The latest fundraise came almost five years after the startup raised $25 Mn in its Series A funding round from Keppel Land

The latest fundraise came almost five years after the startup raised $25 Mn in its Series A funding round from Keppel Land. 

Coworking space provider smartworks has raised nearly $4 Mn (about INR 33 Cr) from its existing backer, Singapore-based Keppel Land. 

As per the startup’s regulatory filing, it issued cumulative convertible preference shares to real estate giant Keppel Land for INR 269 per share.

The funding could likely be a part of a larger funding round. In May last year, Smartworks cofounder Neetish Sarda said that the startup was looking to raise $70 Mn to $90 Mn.

“We might raise equity capital anywhere between $70 Mn and $90 Mn. We need growth capital for FY25 and beyond,” Sarda told news agency PTI.

A detailed questionnaire sent to Smartworks on the funding didn’t elicit any response till the time of publishing this story. 

The latest fundraise came almost five years after 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 their enterprise clients, offering a full suite of solutions. 

The startup claims to have over 8 Mn sq. ft. of office space across 40+ locations in 14 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai and Pune. It caters to over 600 organisations, including Forbes 2000 /Fortune 500 companies, multinational companies and unicorns and soonicorns.

Smartworks counts the likes of Honeywell, Starbucks Coffee, DHL, and Moglix among its clients. 

It reported an operating revenue of INR 711 Cr in the financial year 2022-23 (FY23), 98% higher than INR 360 Cr in FY22. Net loss increased 44% to INR 101 Cr during the year under review. 

Smartworks competes against the likes of WeWork India, IndiaQube, and IPO-bound Awfis

Earlier today, it was reported that WeWork Inc is looking to sell its 27% stake in its India unit, WeWork India, for INR 1,200 Cr to A91 Partners, Emam group’s family office, and Mithun Sacheti.




Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Mistral releases Codestral, its first generative AI model for...

Mistral, the French AI startup backed by Microsoft...

Avendus Launches INR 3,000 Cr Fund To Invest In...

SUMMARY Along with a target corpus of INR 3,000...

Activision is awarded $14.5 million in a Call of...

Activision notched a second victory in an ongoing...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!