&w=3840&q=100)
Smartworks Coworking aims to 'scale up' business after market debut
The Gurugram-based company has added an average of 1.3 million square feet of office space each year since 2022.
'Over the past three years, we have expanded to 10 million from 6 million square feet. In the first three months of 2025 alone, we added another 1.5 million square feet, bringing our total to over 11.5 million square feet,' Neetish Sarda, managing director of Smartworks, told 'Business Standard' in a telephonic conversation.
'Given the strong potential of the Indian market, we are confident in our ability to scale further. Despite operating on a high base, we have maintained a 35 per cent growth rate over the last couple of years, and we expect this momentum to continue,' he said without elaborating on the number.
The company on Thursday listed at Rs 445.1, a near 10 per cent premium to its issue price and taking its market cap to Rs 5,067 crore. Its initial public offering (IPO) follows that by Awfis Space Solutions, which listed last year and now has a market cap of over Rs 4,662 crore. Public listings by WeWork India, Indiqube and DevX are in the works, driven by demand for co-working office spaces across markets and sectors. According to Anarock, co-working spaces were the second highest demand-generating segment for leased office spaces from January to June.
Smartworks said it seeks a 'self-sustaining growth cycle', driven by cash inflows and demand for new and Grade A office spaces, alongside co-working and flex spaces. In FY25, the company reported Rs 250 crore in rental revenue. While overall revenue grew sevenfold and cash profits tripled, adjustments under Deloitte's audit process impacted the reported financials and resulted in a net loss of Rs 63 crore in FY25, the company said.
Harsh Binani, executive director of Smartworks, said the company is expanding to 'high-performing cities' beyond India's top seven and scaling up its presence with larger buildings and increased capacity. The expansion will add to its portfolio of 54 offices in 14–17 cities in India, as well as in Singapore. 'In the new cities we're entering, we typically launch with one or two centres.'
Smartworks has a client base of around 728 companies, including Google, Larsen & Toubro, Nothing, Groww, and Ernst & Young. The shared office space provider currently offers a total seat capacity of over 2.3 lakh across its centres.
Binani noted that the company has increased its profits 3.5 times and doubled its revenue over the past two years, a momentum it intends to continue. 'We're currently growing 1.5 times faster than any other player in the market, and we expect this momentum to continue.'
With the IPO, the total offer size comprises a fresh issue of equity shares aggregating up to Rs 445 crore and an offer for sale of up to 3,379,740 equity shares by certain existing shareholders. Smartworks has allocated Rs 114 crore from the proceeds for debt reduction and Rs 226 crore for fit-outs.
Smartworks made its debut on the NSE and BSE, following the successful completion of its IPO. The company's shares listed at Rs 436.10 on the BSE, marking a premium of Rs 29.10. On the NSE, the stock opened slightly lower at Rs 435, reflecting a premium of Rs 28 per share.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
25 minutes ago
- Time of India
India-US trade: Officials react cautiously to Russia penalty threat
NEW DELHI: As President Trump threatened to impose a penalty on India for its trade ties with Russia, Indian officials reacted cautiously as they reiterated India's position that securing energy needs of the Indian people is the overriding priority. A source, speaking on condition of anonymity, said India is buying oil not because it wants to help Moscow but because it's the right thing to do based on the prevailing market conditions and the global geopolitical situation. Trump said India has always bought "a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy along with China". However, India had been keen on announcing new plans for defence procurement and co-production arrangements with the US too. During PM Narendra Modi's visit to the US in Feb, Trump pushed India to lower tariffs and buy more defence products from the US that would facilitate a fair trade deal. With the US encouraging India to reduce its dependence on Russian-origin equipment, the leaders had agreed to expand defence sales and co-production to strengthen interoperability and defence industrial cooperation. In that context, govt sources here said some of Trump's claims don't stand up to scrutiny. "The fact is that India-US defence trade has been increasing since 2008, while the dependence on Russia continues to reduce considerably," said an official on condition of anonymity, adding that the US is now among the top arms suppliers to India along with Russia and France. While much has been made of India's imports from Russia, little attention has been paid to the fact that its crude imports from the US have seen a significant jump too with the US emerging as the 4th largest supplier to India in April this year, according to Indian officials. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025


Time of India
26 minutes ago
- Time of India
State changes tack, seeks revised proposal for Goa-Tamnar power line
Bengaluru: Karnataka appears to be reconsidering its stand on permitting a transmission line passing through the ecologically sensitive forests of Western Ghats to supply power to southern Goa, as it awaits the neighbouring state's approval for the ambitious Kalasa-Banduri project. Under increasing pressure, the state govt has asked New Delhi-based Goa-Tamnar Transmission Project Ltd to resubmit its proposal with an alternative alignment aimed at minimising tree felling. The firm had submitted a proposal seeking diversion of 174.6 hectares of forest land in Dharwad, Haliyal, and Dandeli for a 400Kv quad transmission line. But in March last year, forest minister Eshwar Khandre rejected the proposal, while directing the additional chief secretary (forests) to issue notices to all forest officials who recommended the project. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Now, in a U-turn, the ACS (forests), on instructions from Khandre, has directed principal chief conservator of forests (head of the forest force) to ask the firm to submit a revised proposal incorporating an alternative alignment and the latest technology to minimise tree felling. Subsequently, PCCF (forest conservation) wrote to chief conservators of forests (CCFs) of Belagavi, Dharwad, and Kanara circles on the issue. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa Prices in Dubai Might Be Lower Than You Think! Villa for sale in Dubai | Search Ads Learn More Undo Recently, deputy chief minister DK Shivakumar had also personally met Bhupendra Yadav, Union minister for environment, forest and climate change, and demanded speedy approval for the Kalasa-Banduri project along with several other projects awaiting forest clearance. This sudden change in stand has caught conservationists by surprise especially since CM Siddaramaiah wrote to Prime Minister Modi in Sept 2024, refusing permission for the Goa-Tamnar project until Goa lifts its objections to the Kalasa-Banduri project. "Be it the railway proposal or power transmission line, the govt should not yield to pressure from anyone," said a conservation activist from Dandeli. "Given the area's susceptibility to landslides and climate change, the state must not allow diversion of such huge tract of forest land in an ecologically sensitive region like Western Ghats. The govt must not soften its stand." However, Khandre insisted that there is no change in his govt's stand. "We have only directed the user agency to submit a fresh proposal with an alternative alignment so that not many trees are felled," he said. "If Goa gives its nod for Kalasa-Banduri project, we may be forced to approve the transmission project. In anticipation of such a scenario, we want to ensure that our flora and fauna is not burdened."


Time of India
40 minutes ago
- Time of India
ED raids unearth multiple property documents linked to former Vasai-Virar civic chief
Mumbai: The Enforcement Directorate (ED) seized multiple property-related documents linked to the former civic chief of Vasai-Virar City Municipal Corporation (VVMC), Anil Pawar, during searches conducted at 12 premises linked to him on Tuesday and Wednesday. ED sources said Pawar had "created a number of entities in the name of his family members, relatives and benamidars to launder the bribe amount collected." The source said, "The formation of shell entities coincides with his posting as VVCMC commissioner (2022). These entities are primarily engaged in businesses where large amounts of cash are absorbed, such as construction and redevelopment of residential towers, construction of warehouses and others." You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Investigations by the ED showed an organised cartel of VVCMC officers, including the commissioner, deputy director of town planning, junior engineers, architects, CAs, and liaisoners, all operating in collusion. This cartel is responsible for large-scale illegal construction within VVCMC's jurisdiction. Commissioner VVCMC Anil Pawar, an IAS officer, is accused of orchestrating and sustaining this cartel. The ED investigation showed that after Pawar assumed the role of commissioner of VVCMC, the commission fee was set at Rs 20-25 per sq ft for the commissioner and Rs 10 per sq ft for his junior, Y S Reddy (Deputy Director Town Planning), based on the total project area from the builders. During searches at twelve premises associated with Pawar, the ED seized Rs 1.33 crore in unaccounted cash, along with numerous incriminating documents and devices. These included property documents in the names of relatives and benamidars, as well as cash and cheque deposit slips, among others. The ED sources said digital devices seized during the operations revealed Pawar's close involvement in creating a nexus of VVCMC officials and architects, CAs, and liaisoners. The money laundering case pertains to the illegal construction of 41 residential and commercial buildings on govt and private land under VVCMC's jurisdiction since 2009. This includes a 60-acre tract designated for sewage treatment and dumping facilities. Although Pawar was not the VVCMC chief at the time of construction, he failed to take action against the developments after assuming office, despite receiving complaints. The 41 buildings were recently demolished following a Bombay high court order. Flat buyers lost their money as well as their homes. In May, the ED raided 13 locations in Nalasopara, Vasai, Virar, and Hyderabad, seizing Rs 8.6 crore in unaccounted cash and Rs 23.2 crore worth of jewellery and bullion from the Hyderabad residence of Y S Reddy, deputy director of town planning, VVCMC. A few locals in Vasai burst crackers and distributed sweets late on Tuesday after the news of the ED raid spread across the city. They alleged that since Pawar was the administrator, he took unilateral decisions and corruption peaked during his tenure. "We also had written to the Maharashtra chief minister to conduct an investigation about his wealth and properties," said Sushant Patil of the Bhumiputra Sangathan, Vasai.