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Smartworks has successfully raised Rs 168 crore (US USD 20.24 Mn) in its latest funding round this year.
According to a press release, the investment comes from a consortium of investors including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and high-net-worth individuals. The promoters of Smartworks retain a majority shareholding in the company following this funding infusion. Keppel Ltd., Mahima Stocks Private Limited, and Deutsche Bank A.G. London Branch are among the notable investors supporting Smartworks, underscoring their confidence in the company's growth and leadership in the managed office and campus space sector. Commenting on the fundraise, Neetish Sarda, Founder of Smartworks, expressed gratitude to investors for their continued support and confidence in the company's capabilities and managed workspace solutions. He 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. We remain committed to our growth." Louis Lim, CEO, Real Estate of Keppel Ltd., remarked on the strategic partnership, noting that since Keppel's initial investment in 2019, Smartworks has evolved into India's foremost managed workspace platform. Lim said, "Since Keppel's initial investment in 2019, Smartworks has grown to become India's leading managed workspace platform. Keppel remains committed to continuing to support Smartworks' growth. This investment maintains our long-term involvement in India's commercial office market, as we look to expand Keppel's office portfolio in India and support the country's rapid urbanisation through our innovative urban space solutions." In the fiscal year 2024, Smartworks expanded its footprint with new centres, including Golf View Corporate Towers in Gurgaon, Logix Cyber Park in Noida, Amar Tech Centre and 43EQ in Pune, and Olympia Pinnacle in Chennai. The company's portfolio boasts prominent campuses such as Vaishnavi Tech Park in Bengaluru, M Agile, 43 EQ, and AP81 in Pune, catering to large organisations across sectors. Since 2019, Keppel Ltd., headquartered in Singapore, has been a steadfast investor in Smartworks, with cumulative investments totaling USD USD 29 Mn by 2024. As of March 31, 2024, Smartworks operates in 13 cities across India, managing a portfolio comprising 41 centres spanning approximately 8 million square feet. The company continues to serve a diverse range of sector-agnostic large enterprises, providing tailored workspace solutions to meet evolving business needs. (ANI)
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