Keppel Land has provided $25m in series A financing to Smartworks as the co-working spaces provider plans to strengthen its position in existing markets and enter new locations.
India-based co-working spaces operator Smartworks Coworking Space has received $25m in series A funding from Keppel Land, the property arm of conglomerate Keppel, the Economic Times reported on Friday.
Smartworks operates 23 co-working offices across nine Indian cities, with its clients primarily including large corporations such as internet and e-commerce group Amazon’s cloud computing division Amazon Web Services.
Apart from typical co-working perks such as networking opportunities, the company offers tangential services such as childcare facilities and health and wellness programs.
The company has already achieved profitability, three years after being launched.
The series A capital will support Smartworks’ goal of increasing the number of available desks to 65,000 by the end of the year, up from a current 43,000. To achieve this, the company will expand both in existing markets and enter additional cities.
The company expects to raise an additional $20m through debt and internal accruals, according to founder Neetish Sarda.
Tan Swee Yiow, chief executive of Keppel Land, said: “This investment allows Keppel Land to enter one of the world’s fastest-growing flexible office markets, opening doors for further growth through this collaboration.”