Smartworks Listed

Custom-designed enterprise office campuses delivered fast, positioned for GCCs, large enterprises and growing companies.

End-to-end delivery: Smartworks designs, builds and manages the workspace for the client rather than just leasing desks.

Primary customer segment per the company's own positioning.

Correction: the homepage (previously cited) does not state a client count anywhere — verified by direct fetch, only a client-logo carousel with no connecting sentence. The '600+' figure is instead directly stated in Smartworks' own IPO draft-papers coverage, naming Honeywell, Starbucks Coffee, DHL and Moglix as example clients.

Client relationships are structured as long-tenure managed-office agreements rather than short-term desk rentals, reflected in a high renewal rate and multi-year average client lifespan.

Beyond the lease itself, Smartworks deepens client relationships with on-campus amenities (cafeterias, sports zones, gyms, medical centres) and value-added services such as fit-out-as-a-service, plus third-party service tie-ups (e.g. Chaipoint, ClearTax) for members.

Day-to-day tenant interaction is handled through a self-service app for meeting-room/desk booking, facial-recognition access, food ordering, visitor management and support ticketing, rather than manual account servicing.

Prospective enterprise clients submit their requirements through 'Contact Sales' / 'Schedule a Visit' forms on the Smartworks website; the sales team commits to following up within 24 hours.

Smartworks runs dedicated landing pages for individual cities and buildings (e.g. 11 separate Bangalore locations), each with its own lead-capture form, to capture localized search demand and funnel it into the same sales pipeline.

Smartworks leases commercial buildings, designs and fits them out, then operates them as managed enterprise campuses.

The physical footprint of managed campuses underlying the business: 8.99 million sq ft across 50 centres in 13 Indian cities plus Singapore, as of March 31, 2025.

An in-house 'Campus Ecosystem' pairing a Member Experience App (bookings, access, ticketing) with an Administrative Platform (CRM, design & project management, building management, client portal) that Smartworks positions as a core differentiator from plain leasing.

A named leadership bench — Founder & Managing Director Neetish Sarda, Co-founder & Whole-time Director Harsh Binani, plus a Chief Business Officer, CFO, Group CTO and CHRO — anchors the company's real-estate, technology and client operations.

Asset-light leasing model built on partnerships with building owners rather than owning real estate outright.

Core revenue stream from leasing/subleasing managed office space to enterprise clients; grew from Rs 687.5 Cr (FY23) to Rs 997.1 Cr (FY24) to Rs 1,289.3 Cr (FY25), the large majority of total revenue.

Revenue from ancillary services offered alongside workspace leasing.

Fee revenue from designing and fitting out client workspaces.

Small but newly-introduced revenue line tied to Smartworks' in-house workspace-management technology.

D&A on leasehold campus fit-outs is Smartworks' single biggest expense category, ahead of rent, staff or finance costs.

Total expenses have climbed alongside revenue as the campus footprint expands, reaching INR 1,489.1 Cr in FY25.

Although Smartworks doesn't own the buildings it operates, it is the head-lessee on long-term leases with landlords, creating a large fixed future lease obligation on the balance sheet.

Opening each new managed campus requires upfront capital spend on fit-outs and landlord security deposits; Smartworks earmarked part of its IPO proceeds specifically for this.