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Smartworks, a leading co-working firm headquartered in New Delhi, has recently expanded its footprint in Gurugram's RK Four Square Complex, adding 100,000 square feet of office space to its portfolio. The new centre, already operational, provides workspace solutions for up to 1,000 desks (INR 20,000 per month), catering to the rising demand for flexible office solutions among corporate entities.
Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks has grown its presence across India, with a presence in 14 cities and over 8 million square feet of space across 40 locations. This expansion aligns with the company's mission to offer accessible and innovative workspace solutions to businesses of all sizes, solidifying its position as a leader in the co-working industry.
Smartworks secured USD 25 million in funding from Singapore's Keppel Land Ltd in 2019 to support its expansion plans. The company aims to raise between USD 70 and 90 million in equity capital in the current fiscal year to fuel future growth. Notably, Smartworks' revenue surged from INR 394 crore to over INR 700 crore in the 2022-23 fiscal year, reflecting its expansion and increasing demand for its services.
Neetish Sarda, Founder of Smartworks, emphasised the company's focus on the Gurugram market, expressing excitement about expanding into RK Four Square in Cyber City, a vibrant business hub. This expansion follows Smartworks' recent acquisition of Golf View Towers on Golf Course Road, further underlining the growing demand for their managed offices. Sarda reiterated the company's commitment to further expanding its regional presence, with a footprint exceeding 1 million square feet throughout Delhi-NCR.
The co-working sector, which leases spaces from real estate developers and sub-leases them to enterprises and individuals, is poised for significant growth. According to a report by Vestian, a real estate consultant, the portfolio of flexible office space operators is projected to increase from 55 million square feet to 81 million square feet by 2025. The report also highlights the presence of 50 major operators within the flexible space sector, offering a diverse range of services to meet the evolving workspace needs of businesses.
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