• Smartworks is a managed office space and experience platform. It leases large bare-shell office spaces and transforms them into modern, tech-enabled, and amenity-rich smart offices
• These spaces are then rented out to clients on a per-seat basis, making Smartworks a player in the co-working and flexible workspace segment.
• The model allows clients to avoid the hassle and upfront investment of establishing their own office infrastructure, while still enjoying a premium workspace experience.

Target Clients & Offerings

• The company primarily caters to mid to large-sized enterprises, including leading Indian corporates and multinational companies (MNCs).
• Smartworks offers a range of value-added amenities such as Libraries, Cafeterias, Sports zones, Gymnasiums, Medical centers

Client Model

• Smartworks leases its spaces to clients with a minimum cohort of 100 seats, focusing on bulk seat leasing.
• This strategy helps optimize administrative overheads and improves operational efficiency.
• The clientele consists of well-established enterprises.

Scale of Operations

• Smartworks operates 8.99 million sq. ft. of office space across 54 centers in 15 cities, with a total seating capacity of 2,31,548.
• The company maintains a strong occupancy rate of 89.03% across its operational centers.

Objects of the Offer

The proceeds from the issue are intended to be used for:

• Repayment of high-interest borrowings, with coupon rates ranging between 10–15%.
• Capital expenditure, including acquisition of new centers and payment of security deposits.

Industry Outlook

• The flexible workspace industry is expected to grow at a CAGR of 18–20% over the next few years.
• The share of flexible workspaces in total commercial real estate portfolios is expected to increase — from 42% in Q1 CY24 to 59% by 2026 — among companies allocating at least 10% of their office space to such formats.

Financial Highlights

• The company’s revenue has grown from ₹711 crore in FY23 to ₹1,374 crore in CY25, reflecting a CAGR of 38.98%.
• Operating cashflows have also grown steadily, from ₹531 crore in FY23 to ₹928.5 crore in CY25, at a CAGR of 32.18%.
• While the company currently reports a negative PAT, it is largely due to the impact of Ind AS accounting for leases, which may not accurately reflect the company's underlying profitability.