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Smartworks trims stake in associate company Cleanmax

EntrackrEntrackr · 4d ago
Smartworks trims stake in associate company Cleanmax
Medial

Smartworks trims stake in associate company Cleanmax Managed office space provider Smartworks has sold part of its stake in its associate company, Cleanmax (Cleanmax DOS Pvt Ltd), according to a stock exchange filing. According to the filing, Smartworks has reduced its stake in Cleanmax from 24.82% to 9.08% by selling shares to Clean Max Enviro Energy Solutions Limited for about Rs 99 lakh, with the transaction expected to be completed within a week. The filing also clarified that since the buyer does not belong to the promoter or promoter group, the transaction will not be classified as a related party transaction. Since Smartworks has reduced its stake in Cleanmax to 9.08%, the company will no longer be classified as an associate company. Smartworks reported a 21% year-on-year rise in revenue to Rs 379 crore in Q1 FY26, while narrowing its losses by 82% to Rs 4.1 crore. Smartworks made its stock market debut last month at a 7% premium to its issue price of Rs 407, raising Rs 445 crore through a fresh issue and Rs 137.5 crore via an OFS of 34 lakh shares. At the end of Thursday’s session, its shares closed at Rs 476, valuing the company at Rs 5,432.65 crore ($632 million).

Related News

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.

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.

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