🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Exclusive: Smartworks converts into public company

EntrackrEntrackr · 1y ago
Exclusive: Smartworks converts into public company
Medial

Co-working space solutions provider Smartworks has converted itself into a public company. This marks the company’s concrete step towards its planned initial public offering (IPO). The board at Smartworks has approved the resolution to change the company’s status from private to public. Its name has now changed from Smartworks Coworking Spaces Private Limited to Smartworks Coworking Spaces Limited. The development comes on the heels of Smartworks’s $20 million funding round from Keppel, Ananta Capital Ventures Fund I, and others. Smartworks provides managed office spaces by leasing properties from real estate developers and subsequently subleasing them to enterprises or companies. The company has a presence across Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and others. As of March 2024, Smartworks has a presence in as many as 13 cities including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, and a portfolio of 41 centers spanning 8 million square feet. To date, the co-working space firm has raised over $50 million, including a $25 million raise from the Singapore-based Keppel Land in 2019. As per startup data intelligence platform TheKredible, NS Niketan LLP, which includes founder Neetish Sarda, among others, controls more than 45% stake in the company as of the last funding round. Smartworks demonstrated robust financial growth, with its scale nearly doubling to Rs 744 crore in FY23. However, like many growth-stage companies, its losses also rose by 44% to Rs 101 crore during the same period. The company is yet to file its annual results for FY24. In the co-working space, Awfis became the first Indian startup to get listed on the stock exchange. The Peak XV-backed firm was oversubscribed by more than 100x on the final day of bidding.

Flex spaces boom as the office goes to the employee

LivemintLivemint · 8m ago
Flex spaces boom as the office goes to the employee
Medial

Indian flexible space providers, such as Awfis Space Solutions, WeWork India, IndiQube, and Urban Vault, have experienced significant revenue growth since the pandemic. The demand for alternative workspaces closer to employees has risen among corporates, startups, and professionals. The flexible office segment, including co-working and managed workplaces, has witnessed expansion, with capacity additions of 8-9 million square feet each in 2022 and 2023. This growth has prompted many space providers to go public, including Awfis, Smartworks Coworking Spaces, WeWork India, Simpliwork Offices, IndiQube, and Table Space Technologies. Global capability centres, along with traditional IT services and business process management, are driving the demand for co-working and managed workplaces.

Ecom Express and Smartworks receive SEBI nod for IPO

EntrackrEntrackr · 7m ago
Ecom Express and Smartworks receive SEBI nod for IPO
Medial

Logistics firm Ecom Express and coworking space provider Smartworks have secured approval from the Securities and Exchange Board of India (SEBI) for their initial public offerings (IPOs). Ecom Express, which filed its draft red herring prospectus (DRHP) in August, aims to raise Rs 2,600 crore through its IPO. This includes a fresh equity issue of up to Rs 1,284.5 crore and an offer for sale (OFS) totaling Rs 1,315.5 crore. As part of the OFS, Partners Group will divest shares worth up to Rs 931 crore, while Warburg Pincus and BII (formerly CDC Group) will sell shares valued at Rs 211 crore and Rs 137 crore, respectively. This is the 13-year-old firm's second attempt at going public, after pausing its Rs 4,860 crore IPO plan approved in February 2022. In the logistics space, Delhivery and Blackbuck are already listed on the stock exchange, while Shadowfax is also gearing up for their IPOs. Smartworks, which also submitted its draft IPO papers in August, plans to raise funds through a fresh equity issue worth Rs 550 crore, alongside an offer for sale (OFS) of 67.49 lakh equity shares by its promoters. As of March 2024, Smartworks has a presence in as many as 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, with a portfolio of 41 centers spanning 8 million square feet. Smartworks will become the second firm, after Awfis, to get listed on the bourses. As per media reports, WeWork India, Simpliwork, Table Space firm, DevX, and Indiqube are also gearing up for their IPOs.

Download the medial app to read full posts, comements and news.