Flexible Workspace Provider Smartworks Secures Leases for 450,000 Square Feet in Gurugram
In a significant move, flexible workspace provider Smartworks has secured a lease for 450,000 square feet at the ASF Insignia Campus in Gurugram. This campus, primarily functioning as a special economic zone (SEZ), will also host non-IT tenants as Smartworks plans to adapt some of the space accordingly. The lease agreement includes Zomato, who has already leased approximately 750 seats within this facility.
Growth Strategy and Market Expansion
According to Neetish Sarda, the founder of Smartworks, “Gurugram is a key market for us. Our expansion aligns with our growth strategy to acquire large properties across India, enabling us to offer tailored and fully managed workspaces equipped with various value-added services and amenities.” This progressive approach reflects Smartworks’ commitment to meeting the evolving needs of companies in today’s dynamic work environment.
A Prime Green Development
The ASF Insignia Campus, located in Vatsal Valley, Gurgaon, spans over 50 acres and boasts a low-density green development. This LEED-certified campus is home to renowned tenants such as Mercer, IBM, Ericsson, EXL, GlobalLogic, and Nestle. The commitment to sustainability and focus on creating a harmonious working environment make this location all the more desirable for discerning companies.
Adding to the value and appeal of the ASF Insignia Campus, Smartworks aims to provide office space to both SEZ and non-SEZ occupiers. The partnership between Smartworks and the ASF Group will facilitate a range of options, including warm shell, fitted-out, and managed service solutions. All the necessary approvals are already in place, ensuring a smooth transition for existing and future tenants.
Paving the Way for Domestic IT and ITeS Companies
Recently, the ASF Insignia received approvals for domestic IT and ITeS companies to operate from its SEZ park, further bolstering its status as a preferred destination for technology-focused businesses. This development sets the stage for increased synergies and collaborations, creating a vibrant ecosystem where companies can thrive.
Strategic Expansion and Fundraising Efforts
In a parallel effort to its expansion ventures, Smartworks has filed preliminary documents with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). The draft red herring prospectus suggests a potential raise of ?110 crore through a pre-IPO placement, with a majority of the funds earmarked for loan repayments. The remaining funds will be utilized for general corporate purposes, minimizing external financial obligations and facilitating further growth.
Earlier, Smartworks recently raised ?168 crore (approximately $20.24 million) from various investors, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, and several family trusts. These strategic investments provide an additional boost to Smartworks’ significant portfolio:
– Total portfolio: 8 million square feet
– Total seats: 180,000
– Revenues for 2023-24: ?1,039 crore (46% increase from the previous year)
– Presence: 13 cities, 41 centers
The consistent growth and success of Smartworks paint a promising picture for the future. As companies increasingly prioritize flexibility, scalability, and the availability of modern workspaces, Smartworks plays a crucial role in catering to these demands. With its latest lease at the well-positioned ASF Insignia Campus in Gurugram, Smartworks finds itself at the forefront of providing innovative workspace solutions for a wide range of clients.
