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 of 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. 

The board passed a resolution to change Smartwork’s status from a private to a public company. The  company’s name is now 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 kredible, 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 that got listed on the stock exchange after raising Rs 268.6 crore fund ahead of its IPO. The  company earns the majority 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 Smartwork’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 smartworks 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.