Smartworks leases 450,000 square feet in Gurugram
15 Oct 2024
2 Min Read
CW Team
Flexible workspace provider Smartworks has secured a lease for 450,000 square feet at the ASF Insignia Campus in Gurugram. This site primarily functions as a special economic zone (SEZ), and the company plans to adapt some of the space for non-IT tenants. Notably, Zomato has leased approximately 750 seats within this facility.
鈥淕urgaon is a key market for us. Our expansion aligns with our growth strategy to acquire large properties across India, enabling us to offer tailored and fully managed workspaces equipped with various value-added services and amenities,鈥� stated Neetish Sarda, founder of Smartworks.
Located in Vatsal Valley, Gurgaon, the 50-acre LEED-certified campus features a low-density green development that houses tenants such as Mercer, IBM, Ericsson, EXL, GlobalLogic, and Nestle.
鈥淭hrough our partnership with Smartworks, we will provide office space to both SEZ and non-SEZ occupiers across warm shell, fitted-out, and managed service solutions. All necessary approvals are in place,鈥� added Anil Saraf, chairman of ASF Group.
ASF has successfully delivered around 5 million square feet of commercial real estate projects. Recently, the ASF Insignia received approvals for domestic IT and ITeS companies to operate from its SEZ park.
In addition, Smartworks has filed preliminary documents with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). According to the draft red herring prospectus, the company may aim to raise ?110 crore via a pre-IPO placement, with approximately ?140 crore earmarked for loan repayments and the rest for general corporate purposes.
The flexible workspace provider recently raised ?168 crore (around $20.24 million) from investors, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, and various family trusts.
With a total portfolio of 8 million square feet and 180,000 seats, Smartworks reported revenues of ?1,039 crore for 2023-24, marking a 46% increase from the previous year. As of March 31, the company has established a presence in 13 cities, encompassing 41 centers across 8 million square feet.
Flexible workspace provider Smartworks has secured a lease for 450,000 square feet at the ASF Insignia Campus in Gurugram. This site primarily functions as a special economic zone (SEZ), and the company plans to adapt some of the space for non-IT tenants. Notably, Zomato has leased approximately 750 seats within this facility.
鈥淕urgaon is a key market for us. Our expansion aligns with our growth strategy to acquire large properties across India, enabling us to offer tailored and fully managed workspaces equipped with various value-added services and amenities,鈥� stated Neetish Sarda, founder of Smartworks.
Located in Vatsal Valley, Gurgaon, the 50-acre LEED-certified campus features a low-density green development that houses tenants such as Mercer, IBM, Ericsson, EXL, GlobalLogic, and Nestle.
鈥淭hrough our partnership with Smartworks, we will provide office space to both SEZ and non-SEZ occupiers across warm shell, fitted-out, and managed service solutions. All necessary approvals are in place,鈥� added Anil Saraf, chairman of ASF Group.
ASF has successfully delivered around 5 million square feet of commercial real estate projects. Recently, the ASF Insignia received approvals for domestic IT and ITeS companies to operate from its SEZ park.
In addition, Smartworks has filed preliminary documents with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). According to the draft red herring prospectus, the company may aim to raise ?110 crore via a pre-IPO placement, with approximately ?140 crore earmarked for loan repayments and the rest for general corporate purposes.
The flexible workspace provider recently raised ?168 crore (around $20.24 million) from investors, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, and various family trusts.
With a total portfolio of 8 million square feet and 180,000 seats, Smartworks reported revenues of ?1,039 crore for 2023-24, marking a 46% increase from the previous year. As of March 31, the company has established a presence in 13 cities, encompassing 41 centers across 8 million square feet.
Next Story
Oberoi Group Launches 鈥楨lements by Oberoi鈥� Sustainability Framework
The Oberoi Group has launched a comprehensive environmental and social responsibility initiative, 鈥楨lements by Oberoi鈥�, setting ambitious targets to make its luxury hotels significantly more sustainable by 2030. Guided by the core principles of Earth, Water and Air, the framework underlines the hotel chain鈥檚 commitment to embedding sustainability into all aspects of its operations.Key objectives by 2030 include:Recycling 100 per cent of wastewater and reducing fresh-water use per occupied room by 20 per centSourcing 50鈥痯er cent of electricity from renewable sourcesShifting transport fl..
Next Story
India Opens Bids for 12th Round of Coal Block Auctions
India鈥檚 Ministry of Coal has kicked off its twelfth commercial coal block auction, inviting bids from private and public players as part of the government鈥檚 ongoing drive to open up the coal mining sector. In this round, a total of 27 companies have submitted bids, reflecting strong investor interest in the country鈥檚 energy and mining industries.This initiative aligns with recent reforms aimed at encouraging private participation, reducing red tape, and promoting transparency through a single-window system and digitised processes. Coal remains a critical component of India鈥檚 energy mix..
Next Story
India Allocates 200 Coal Blocks to Spur Investment
The Ministry of Coal has achieved a major milestone by allocating its 200th coal block, reflecting a determined effort to liberalise the coal sector, encourage private participation, and bolster national energy self鈥憆eliance. This was accomplished through a transparent, technology鈥慸riven process aimed at streamlining investment and reducing delays.The latest allocation granted the Marwatola鈥慖I block in Madhya Pradesh to Singhal Business Private Limited. This move underscores the government鈥檚 focus on creating a more resilient coal ecosystem while reducing dependence on imports. The min..
