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Smartworks raises more than $20 Mn from Keppel and others

EntrackrEntrackr · 1y ago
Smartworks raises more than $20 Mn from Keppel and others
Medial

Co-working space solutions provider Smartworks has raised Rs 168 crore ($20.24 million) from a group of investors including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and HNIs. The capital from the fundraise will be deployed towards growth and expansion of the business and meet general corporate expenses, Smartworks said in a statement. 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. 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 across 8 million square feet. 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 also said that promoters continue holding majority shareholding in the company. Smartworks’ revenue from operations surged 97.5% to Rs 711 crore in FY23 from Rs 360 crore in FY22. The firm also saw a 44.29% surge in losses which rose to Rs 101 crore in FY23 as compared to Rs 70 crore in the previous fiscal year. Recently, co-working firm Awfis got listed on the stock exchange and became the first company from this space to do so.

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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.

Smartworks crosses Rs 700 Cr revenue in FY23; losses up 44%

EntrackrEntrackr · 1y ago
Smartworks crosses Rs 700 Cr revenue in FY23; losses up 44%
Medial

Co-working platform Smartworks has been demonstrating strong growth in the last two fiscal years — its scale grew two-fold to cross Rs 710 crore in revenue in the fiscal year ending March 2023. However, the company’s losses also crossed the Rs 100 crore mark. Smartworks’ revenue from operations surged 97.5% to Rs 711 crore in FY23 from Rs 360 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. 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. Revenue from lease rental accounted for 97% of the total operating revenue which increased 97.4% to Rs 687 crore crore in FY23. The rest of the collections came from allied services. On the expense side, the cost of depreciation and amortization turned out to be the largest cost center accounting for 40.5% of the overall expenses. This cost surged by 67.9% to Rs 356 crore in FY23. Its employee benefits, finance, repairs, electricity, safety, custodial fees, and other overheads catalyzed the firm’s overall expenditure by 80.3% to Rs 880 crore in FY23 from Rs 488 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 488 Cr https://thekredible.com/company/smartworks/financials View Full Data To access complete data, visithttps://thekredible.com/company/smartworks/financials Total ₹ 880 Cr https://thekredible.com/company/smartworks/financials View Full Data To access complete data, visithttps://thekredible.com/company/smartworks/financials Employee benefit Employee benefit Finance costs Finance costs Depreciation and amortisation Depreciation and amortisation Repairs to building Repairs to building Electricity Electricity Safety security Safety security Custodial fees Custodial fees Others To check complete Expense Breakdown visit thekredible.com View full data The increase of 80% in overall expenses resulted in a 44.29% surge in losses which reached Rs 101 crore in FY23 as compared to Rs 70 crore in FY22. On a unit level, it spent Rs 1.24 to earn a rupee in FY23. Gurugram-based Smartworks has raised over $50 million to date including its $25 million Series A round from the Singapore-based Keppel Land. The company is also reportedly in talks to raise $70-90 million. With its focus on managed office spaces besides co-working, Smartworks has sought to serve a larger segment of the market, particularly larger firms that are not so enamored with a co-working option. However, as evident, that can drive up costs a lot more, leaving the firm to travel an extended runway to profitability. With strong revenue momentum and a commercial market that is in very healthy condition, it does look like the firm will be in the black soon, and seeking newer avenues and markets for growth.

SaaS startup Taqtics raises $1.2 Mn in seed round

EntrackrEntrackr · 7m ago
SaaS startup Taqtics raises $1.2 Mn in seed round
Medial

SaaS platform Taqtics has raised $1.2 million in seed round led by Sprout Venture Partners and Capital-A, with additional participation from Java Capital. The proceeds will be used to expand its product capabilities, strengthen its presence in key markets, and incorporate AI-driven analytics. Founded by Yuyutsu Sharma, Taqtics offers a comprehensive suite of tools that help managers streamline store operations with ease. Its key features include real-time store audits for compliance and improvement tracking, employee training and SOP management for smooth onboarding and adherence to standards, and simplified visual merchandising to enforce brand guidelines. The platform also provides efficient asset management, ensuring optimal use and maintenance of store assets, along with an issue-tracking system to quickly resolve operational challenges and boost performance. Capital-A focuses on environmental sustainability and economic growth, and the firm’s second fund targets a corpus of Rs. 400 crore. It has already backed more than 20 innovative startups, including Jiraaf, Rooter, Bambrew, Riskcovry, and Tan90 among others.

Stable Money raises $20 Mn led by Fundamentum

EntrackrEntrackr · 1m ago
Stable Money raises $20 Mn led by Fundamentum
Medial

Bengaluru-based wealthtech platform Stable Money has raised $20 million (Rs 173 crore) in a funding round led by Fundamentum Partnership and participation from existing investors Z47, RTP Global, and Lightspeed. Aditya Birla Ventures also joined the round. The company had previously raised $20 million across Series A and Seed rounds. The proceeds will be used to expand its product suite, onboard new banking partners, and scale distribution. The company aims to add at least eight more banks and NBFCs in 2025. Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money enables users to invest in fixed-return products like fixed deposits (FDs), recurring deposits, secured credit cards, and bonds. It currently partners with eight banks and two NBFCs, including IndusInd Bank, South Indian Bank, Slice SFB, Ujjivan SFB, Unity SFB, and Suryoday SFB. The platform has over 150,000 users and more than Rs 3,000 crore in assets under management. For the fiscal year ended March 2024, it reported an operating income of Rs 35.3 lakh and a net loss of Rs 12.29 crore.

The Money Club raises $2.5 Mn in Series A

EntrackrEntrackr · 7m ago
The Money Club raises $2.5 Mn in Series A
Medial

On-demand liquidity platform The Money Club has raised $2.5 million in a Series A funding round led by Prudent Investment Managers. The round also saw participation from HNIs of Singapore and Dubai, 1Crowd AIF, along with its existing investors, including Venture Catalysts, LetsVenture, Z21 Ventures, and Supermorepheus. The company had previously raised $2.54 million from its existing investors. The fresh funds will be deployed toward developing financial inclusion solutions, expanding technological capabilities, and providing financial empowerment to underserved populations, The Money Club said in a press release. Launched in 2018 by Manuraj Jain, The Money Club provides a fully digital platform that offers its new-to-credit users on-demand liquidity without any physical paperwork. The platform is designed to cater to the unmet financial needs of low-income populations, particularly the 400 million lower middle-class Indians who face significant barriers in accessing traditional financial products. According to the Noida-based company, it enables users from across the country to rotate their savings digitally and access funds on demand in times of need. It runs entirely on UPI rails and collects valuable behavioral data, enabling a dynamic, real-time underwriting model that creates accurate credit profiles using more than 30 unique attributes per transaction. This approach provides 20 times more data than traditional credit models, significantly enhancing the previously non-existent digital footprint of nano-entrepreneurs to bring them under the ambit of the formal financial ecosystem. The Money Club claims to have successfully acquired over 7 lakh users, mostly new to credit, who have rotated approximately Rs 350 crore of their savings to date and generated a digital footprint of over 4.3 million transactions. The platform boasts a 98% user retention rate. It may compete directly or indirectly with other companies in this space, such as myPaisaa, Subspace, and Shriram Chits, among others.

Exclusive: Zetwerk raises $20 Mn from Wheelhouse Ventures

EntrackrEntrackr · 1y ago
Exclusive: Zetwerk raises $20 Mn from Wheelhouse Ventures
Medial

Business-to-business e-commerce unicorn Zetwerk has raised Rs 166 crore or $20 million from Wheelhouse Venture Capital in the ongoing Series F funding round. This is the maiden investment for Wheelhouse Venture in the Bengaluru-based firm. The board at Zetwerk has passed a special resolution to allot 40,81,593 Series F2 CPPS at an issue price of Rs 407.39 each to raise Rs 166.28 crore or $20 million, its regulatory filing sourced from the Registrar of Companies shows. As per startup data intelligence platform TheKredible, the firm has been valued at $2.8 billion in the new round, slightly higher than the $2.7 billion reported in its previous round of $120 million. Entrackr had exclusively reported the development in October 2023. Following the fresh proceeds, Wheelhouse got a little less than 1% stake in Zetwerk while Greenoaks remained the largest stakeholder with 21.63% followed by Peak XV partners and Lighspped. Its co-founders Srinath Ramakkrushnan and Amrit Acharya cumulatively command 15.56% of the company. Head to TheKredible for the complete cap table. Zetwerk partners with offline suppliers engaged in the fabrication, machining, casting, forging, and galvanizing of machine parts. Operational in over 15 countries, it claims to serve over 100 customers across more than 25 industries in India, North America, MEA, et al. Continuing its growth trajectory in the last fiscal year, Zetwerk’s GMV (gross revenue) surged 2.3X to Rs 11,448 crore while its losses grew 81% to Rs 109 crore in the same period (FY23).

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