Flexible workspace provider Smartworks has secured a lease for 450,000 square feet at the ASF Insignia Campus in Gurugram. This site primarily functions as a special economic zone (SEZ), and the company plans to adapt some of the space for non-IT tenants. Notably, Zomato has leased approximately 750 seats within this facility.
“Gurgaon 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,” stated Neetish Sarda, founder of Smartworks.
Located in Vatsal Valley, Gurgaon, the 50-acre LEED-certified campus features a low-density green development that houses tenants such as Mercer, IBM, Ericsson, EXL, GlobalLogic, and Nestle.
“Through our partnership with Smartworks, we will provide office space to both SEZ and non-SEZ occupiers across warm shell, fitted-out, and managed service solutions. All necessary approvals are in place,” added Anil Saraf, chairman of ASF Group.
ASF has successfully delivered around 5 million square feet of commercial real estate projects. Recently, the ASF Insignia received approvals for domestic IT and ITeS companies to operate from its SEZ park.
In addition, Smartworks has filed preliminary documents with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). According to the draft red herring prospectus, the company may aim to raise ?110 crore via a pre-IPO placement, with approximately ?140 crore earmarked for loan repayments and the rest for general corporate purposes.
The flexible workspace provider recently raised ?168 crore (around $20.24 million) from investors, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, and various family trusts.
With a total portfolio of 8 million square feet and 180,000 seats, Smartworks reported revenues of ?1,039 crore for 2023-24, marking a 46% increase from the previous year. As of March 31, the company has established a presence in 13 cities, encompassing 41 centers across 8 million square feet.
