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Smartworks clocks Rs 1,374 Cr revenue and Rs 62 Cr loss in FY25

EntrackrEntrackr · 8d ago
Smartworks clocks Rs 1,374 Cr revenue and Rs 62 Cr loss in FY25
Medial

Smartworks, a leading managed workspace platform, reported a 32% growth in operating revenue to Rs 1,374 crore in FY25. However, despite the strong topline growth, the company’s losses widened 26% in FY25. Smartworks’ revenue from operations increased by 32% to Rs 1374 crore in FY25 from Rs 1039 crore in FY24, according to its financial statement sourced from RHP. SmartWorks provides flexible office space for large enterprises, SMEs, and high-growth startups and leverages its robust phygital platform to deliver fully serviced, tech-enabled, flexible, and affordable workspaces. Lease rentals accounted for over 93% of its operating revenue, which rose by 29% to Rs 1,289 crore in FY25. Other sources included design and fit-out services at Rs 35 crore, ancillary services at Rs 49 crore, and a marginal Rs 1 crore from software fees. Smartworks added another Rs 36 crore from non-operating sources, which pushed its total revenue to Rs 1410 crore in FY25. On the expense side, the largest cost head was depreciation, which increased 35% to Rs 636 crore, followed by operating expenses of Rs 416 crore. Finance costs remained relatively stable at Rs 336 crore, while employee benefit expenses rose to Rs 65 crore. Overall, total expenses increased by 26% to Rs 1,489 crore in FY25 from Rs 1,180 crore in FY24. Despite revenue growth, the company’s loss increased by 26% to Rs 63 crore in FY25 as compared to Rs 50 crore in FY24. However, the company reported a positive EBITDA of Rs 893 crore in FY25 with an EBITDA margin of 63.3% and ROCE of 7.48%. On a unit level, Smartworks spent Rs 1.08 to earn a rupee of operating revenue in FY25, marginally better than the previous year’s ratio of Rs 1.14. The Gurugram-based company reported current assets worth Rs 255 crore in FY25, including Rs 69 crore in cash and bank balances. Smartworks is heading to the public markets with its Rs 583 crore IPO opening on July 10 and closing on July 14, 2025. The company has set a price band of Rs 387 to Rs 407 per share with a lot size of 36 shares, requiring a minimum investment of Rs 14,652 for retail investors.

Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures

EntrackrEntrackr · 1y ago
Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
Medial

Small and medium enterprises focused digital lending platform Lendingkart has secured Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures. This is the second major debt closure by the Ahmedabad-based firm in the past year. The board at Lendingkart has passed a board resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs 108 crore or $13 million, its regulatory filing accessed from the RoC shows. As per the filings, the Temasek-backed company has raised Rs 318 crore ($38 million) in debt to date. Lendingkart will receive the debt fund in two tranches of Rs 50 crore ($6 million) each and it will carry a coupon rate of 14% per annum. According to the startup data intelligence platform TheKredible, the company has been valued at around $690 million post-allotment. Just last month, LendingKart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. As of now, Lenskart has mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia and India Quotient. Lendingkart disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners. As per its website, it has disbursed over Rs 18,700 crore to over 300,000 businesses present in 4,100 cities. Lendingkart performed well in FY23 as its revenue from operations grew by 33.4% to Rs 858 crore. Meanwhile, the firm also posted Rs 119 crore profit in the same period. It’s yet to file annual financial results for FY24. As per a media report, the company is planning for an initial public offering (IPO) by next year. Lenskart is targeting to cross Rs 10,000 crore in assets under management before going public.

Funding and acquisitions in Indian startups this week [22-27 Apr]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [22-27 Apr]
Medial

During the week, as many as 27 Indian startups raised nearly $222.7 million in funding. These deals include 7 growth-stage deals and 17 early-stage deals. Meanwhile, three early-stage startups did not disclose the amount raised. Last week, about 37 early and growth-stage startups collectively raised around $310 million in capital. [Growth-stage deals] Among the growth-stage deals, 7 startups raised $150.6 million in funding this week. Financial services firm Northern Arc led the list with $80 million in funding. The list was followed by network-as-a-service provider CloudExtel, trucking aggregator for enterprises LetsTransport, online marketplace for financial products BankBazaar, provider of business, property, and school financing Clix Capital, agri-fintech platform Samunnati, and co-working space provider Smartworks which raised $24 million, $22 million, $9.6 million, $6 million, $5 million, and $4 million, respectively. [Early-stage deals] Subsequently, 17 early-stage startups scooped funding worth $72.08 million during the week. Omni-channel fashion brand Lyskraft spearheaded the list followed by space-tech startup Dhruva Space, real estate and infra decarbonization platform Accacia, B2C credit management firm CheQ, and an open-source project management platform Plane. The list further includes a provider of Solar EPC solutions Soleos Solar Energy, healthcare and insurtech firm FlashAid, elder care startup bubble tea and other food items platform Boba Bhai, sustainable container logistics and supply chain optimization startup MatchLog, and SIM-based outbound call management company Runo among others. The list of early-stage startups also includes three startups that kept the funding amount undisclosed: FlexiCloud, Nikitek (GoDigiTag), and Rentomojo. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 10 deals followed by Delhi-NCR, Mumbai, Chennai, Hyderabad, Ahmedabad, and others. Segment-wise, fintech startups grabbed the top spot with five deals followed by SaaS startups. The list further counts e-commerce, logistics, proptech, healthtech, and AI startups among others. The complete breakdown of deals across cities and segments can be seen below: [Series-wise deals] During the week, Seed funding deals led the list with 11 deals while Pre-Series A deals are at the second position with 6 deals, both collectively forming around 30% of the total funding. Further, Debt, Series C, Series D, and Series E are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding declined 28% to $222.7 million as compared to around $310 million raised during the previous week. The average funding in the last eight weeks stands at around $247 million with 26 deals per week. [Departure] Piyush Gupta, the managing director of Peak XV Partners, is set to depart from the firm by the end of this month. Reports suggest that Gupta is planning to establish a secondary-focused fund after his tenure at Peak XV. [Fund launches] Three startup-focused funds were launched this week. Norwest Venture Partners has raised $3 billion for its new fund, NVP 17, which will be deployed in the US, India, and Israel. Lighthouse Canton has launched the LC GenInnov Global Innovation Fund, focusing on companies in generative artificial intelligence (GenAI). Kedaara Capital has closed its fourth investment vehicle, Kedaara IV, at $1.73 billion, making it their fourth fund in 12 years, raised in just four months. [Layoffs] SaaS startup HealthPlix laid off 100 employees, constituting 25% of its workforce, as part of a restructuring and annual performance review. According to a report, approximately 60 employees were terminated due to poor performance, while the rest were affected by role redundancies. [Mergers & Acquisitions] Awign, a work-as-a-service platform, announced the acquisition of a majority stake in Mynavi Corporation. As part of this partnership, some of Awign’s early backers, such as Capria, Lumis, MSDF, Amicus Capital, and Pankaj Bansal, will also depart. [New launches] ▪️ Former BharatPe CPO Ankur Jain to launch new startup Jivi.ai ▪️ BharatPe launches all-in-one payment device BharatPe One [Financial results this week] ▪️ Lenskart is EBITDA profitable with Rs 3,788 Cr revenue in FY23 ▪️ Third Wave Coffee’s scale grows 4.5X to Rs 144 Cr in FY23 ▪️ Groyyo’s gross revenue nears Rs 500 Cr in FY23 ▪️ FarEye spent Rs 361 Cr to earn Rs 139 Cr in FY23 ▪️ Seven-year-old unicorn Open struggles to match deeds to reputation ▪️ Apna Mart, the D Mart for India’s smaller cities, grows 770% in FY23 [News flash this week] ▪️ FirstCry to withdraw IPO papers, may refile with latest financials: Report ▪️ Swiggy gets shareholders’ nod to float $1.25 Bn IPO ▪️ PayU to onboard new merchants as it gets a PA license from RBI ▪️ Awfis, TBO receive a final nod from SEBI for the IPO ▪️ Flipkart Ventures to focus on Gen AI startups in third accelerator program ▪️ Former BharatPe CEO Suhail Sameer floats VC fund ▪️ RBI directs TalkCharge to cease operation ▪️ Zomato piloting priority deliveries in Bengaluru, Mumbai [Conclusion] After a significant rise in funding, the weekly funding again slipped nearly 28% this week. The week saw three new fund launches by VC firms namely Lighthouse Canton, Norwest Venture Partners, and Kedaara Capital. The week also witnessed a layoff as SaaS startup HealthPlix fired a part of its workforce. Brainbees Solutions, the parent company of FirstCry, is reportedly withdrawing its $500 million IPO due to questions raised by SEBI over key disclosed metrics. Swiggy has received shareholders’ approval for its $1.25 billion IPO, moving closer to its public listing. Awfis and TBO have also received SEBI’s approval for their respective IPOs. PayU has received provisional approval from the Reserve Bank of India (RBI) to function as a payment aggregator, enabling the fintech company to onboard new merchants. In January 2023, the RBI instructed PayU, controlled by Prosus, to reapply for the license, leading to a temporary halt in onboarding new customers. Foodtech company Zomato is testing a new feature in select areas of Bengaluru and Mumbai, offering priority deliveries to customers for an extra fee. In Bengaluru, users were given the choice of receiving their orders within 16-21 minutes by paying an additional Rs 29, compared to the standard delivery time of 21 minutes displayed on the app.

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