The Noida-based shared workspace provider Smartworks Coworking Space has announced that it has raised USD 25 Million from Singapore-based Keppel Land in its Series A round funding for a minority stake.
The company is planning to use this money to increase the desk counts in the cities where it has its presence along with entering into new markets. Currently, the company has around 25,000 desk count currently and with this funding it is planning to take the total desk count to 65,000 by the end of this year. It is also planning to reach in the next five years to over 200,000 professionals.
“We are delighted to partner with Keppel Land, Asia’s premier real estate developer, and multi-faceted property company. The flexible space segment in India has been growing rapidly, and Smartworks has been an active participant with a large and widespread network across nine cities,” said Neetish Sarda, Founder, Smartworks.
“The co-working space plans to around USD 20 Mn more through debt and internal accruals,” he added.
The company currently has 23 operational centers in nine cities offering a total of about 43,000 workstations.
It is catering its services to more than 400 companies, such as Amazon Web Services, Bacardi Limited, DHL, Ernst & Young, Hitachi, Jaguar Land Rover Automotive PLC, and Microsoft Corporation, among others.