Smartworks, a prominent provider of co-working space solutions, has made a significant strategic decision to become a public company. This change sets the stage for the company’s planned initial public offering (IPO), which is expected to transform the co-working space industry.

This development comes after Smartworks secured a USD 20 million funding round from Keppel, Ananta Capital Ventures Fund I, and other investors.

The board of directors at Smartworks has unanimously approved the resolution to alter the company’s status from private to public. This decision, which reflects the board’s confidence in the company’s future, has changed the company’s name from Smartworks Co-working Spaces Private Limited to Smartworks Co-working Spaces Limited.

Smartworks offers managed office spaces by leasing properties from real estate developers and subleasing them to enterprises or companies. The company operates in Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and other locations.

As of March 2024, Smartworks has a presence in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, and a portfolio of 41 centres covering 8 million square feet.

The co-working space firm has raised over USD 50 million, including a USD 25 million investment from the Singapore-based Keppel Land in 2019. According to startup data intelligence platform TheKredible, NS Niketan LLP, which includes founder Neetish Sarda, controls more than 45% of the company’s stake as of the last funding round.

Smartworks has demonstrated strong financial growth, nearly doubling its revenue to Rs 744 crore in FY23. However, like many growing companies, its losses increased by 44% to Rs 101 crore during the same period. The company is yet to release its annual results for FY24.

In the co-working space industry, Awfis made history as the first Indian startup to be listed on the stock exchange. The firm, backed by Peak XV, was oversubscribed more than 100 times on the final day of bidding.