Smartworks lines up expansion plan to meet growing demand
office space every year amid growing demand from both domestic and foreign firms, said its founder Neetish Sarda.
The company aims to clock revenue of Rs 2,000 crore in 2024-25, a two-thirds increase from Rs 1,200 crore it expects to earn in this financial year, he said.
“Almost 70-80% of the employees have returned to work and there has been a surge in demand from corporates who are looking for campus-like infrastructure. Our expansion strategy is in line with the demand,” Sarda told ET.
The company has a total portfolio of about 8 million sq ft and plans to increase it to 25 million sq ft in four years.
“Our revenue has been growing year-on-year and we don’t need to raise funds to fuel the expansion. We have stable rental income and our occupancy in all mature centres is over 98%,” Sarda said.
Smartworks reported revenue of Rs 750 crore for 2022-23, up from Rs 394 crore for 2021-22.
“We have contracted rental value of over Rs 4,000 crore which gives us stability to grow,” Sarda said.
Smartworks is among India's leading managed workspace platforms, with a footprint across 40 centres in 14 cities.
The company recently leased 100,000 sq ft in Gurgaon’s Cyber City. It aims to close 2023-24 at 9.5 million sq ft footprint, with about 500,000 sq ft in Gurgaon.
The company has raised $40 million till date and has the highest concentration of enterprise clients, with a total client base of about 550, including Google, Accenture, Persistent Systems and Samsung.
