Homegrown shared office space provider SmartWorks plans to secure $40 million in a mix of both the equity and debt fund its plans to nearly double the portfolio to 5 million sqft by the end of March, according to the report.
The three-year-old Noida based startup is also looking to increase in revenue for the fiscal to INR 320 crore, managing director Neetish told in a report.
He also revealed that we are now planning to increase the portfolio to 5 million sqft by the end of this fiscal year for which they are looking to invest 35-40 Million USD which they are looking to secure via debt and equity.
Access to funds from banks and institutions like NBFCs is easy. A lot of private equity investors are also approaching us, and we are evaluating them, but we cannot disclose more that at this moment.Neetish Sarda – Managing Director, SmartWorks
In 2018, the company closed with a revenue of around INR 110 crore with a profit margin of around 10%.
Our pan-India rentals on average are about Rs 10,000 a seat. We are confident of closing this fiscal with Rs 320 crore top-line and profit margin of 20-30 percent.Neetish Sarda – Managing Director, SmartWorks
The company as of now is present in nine cities which includes the Pune, Bangalore, Hyderabad, Delhi-NCR, and others, and is even planning to expand into other small towns.
“Our immediate focus is consolidating in these nine cities. Then we will also enter one or two small towns, but that is not going to be of significant scale…we will enter with 20,000-40,000 sq ft size,” he said.
As of now, it competes with the Cowrks, Awfis, WeWork, OYO Workspace, GoWork, GoodWorks, Avanta, 91SpringBoard, GoHive, and others.
About Neetish Sarda
Neetish founded Smartworks in 2016 with a dream to disrupt traditional work culture in India by focusing on design, hospitality, technology, customer delight experience, and providing configurable workspaces solutions to large enterprises, SMEs and established start-ups.
Central to this ambition is the company’s motto – ‘Workspaces that work for you’, ensuring high employee happiness, productivity and satisfaction indices.
In the initial days of his career, he was inducted in the large family business in West Bengal that had a strong employee base of 50000, during his tenure, he got hands-on exposure to the Group’s manufacturing units, real estate and IT divisions which gave him a wider perspective on every aspect of the business. Neetish also worked with two major real estate developers – Space Group and PS Group in the past.
Prior to his entrepreneurial journey, Neetish had a very rewarding stint with Vision Comptech Integrators Ltd. as their Director of Business Development.
With extensive experience in real estate, construction and business operations, Neetish’s current focus are on creating a completely managed and customizable offices complemented by thriving communities that encourage collaboration and networking.
Neetish graduated from SIM Global Education, Singapore in finance and also holds a degree in Accounting & Finance from Purdue University, Indiana.
Picture Credits: Inc