Smartworks Enters International Market with 35,000 sq ft Lease in Singapore

New Delhi:

Flexible workspace provider Smartworks has taken a significant step in its growth journey by entering the international market, leasing 35,000 square feet of office space in Singapore. This move marks Smartworks as one of the first homegrown flexible workspace operators to expand beyond India’s borders.

Strategic International Expansion

In its Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) for an upcoming Initial Public Offering (IPO), Smartworks highlighted its strategic plans for inorganic growth. The company emphasized its intent to continue evaluating acquisition opportunities and to expand its portfolio based on the economic viability of such acquisitions.

As part of this strategy, Smartworks Space, a subsidiary of Smartworks, entered into an agreement with Keppel Real Estate Services (KRESPL), securing leases for two centers in Singapore.

Partnership with Keppel Real Estate

Singapore-based Keppel has been a key investor in Smartworks since 2019, contributing $29 million to the company. This partnership has been instrumental in supporting Smartworks' expansion efforts and its recent entry into the global market.

Expanding Footprint Across Cities

As of March 31, 2024, Smartworks had established a strong presence across 13 cities in India. The company’s international foray into Singapore represents a pivotal moment in its growth trajectory, positioning it as a major player in the global flexible workspace industry.