Co-working office space provider platform Smartworks, is poised to exhibit strong growth in the last two fiscal years. It has absorbed $70-90 million in equity funds this fiscal year for future growth to tap the rising demand for flexible workspace. The company’s scale grew two-fold to cross 710 crore in revenue in the fiscal year ending March 2023. However, the company’s losses also crossed the 100 crore mark.

According to the registrar of companies, the commercial space provider Smartworks’s revenue from operations went up to 97.5% to 711 crore in FY23 from 360 crore in FY22. Currently, the company has a presence across Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and others.

Smartworks founder Sarda and Harsh Binani said, "We are targeting to reach 12-13 million square feet portfolio by March 2024 and we are fully capitalized to achieve this growth."  Previously, in 2019, Smartworks raised $25 million from Singapore's Keppel Land Ltd to fund its expansion plan.

The startups’ revenue increased from rental accounted for 97% among the total revenue. It has surged 97.4% to Rs 687 crore crore in FY23. The other collection brings in from f allied services. In coming days they will expand in more cities like Kochi and Koimbatore.

Commenting on the expenditure part, the company explained that, the cost of depreciation and amortization turned out to be the largest cost center accounting for 40.5% of the overall expenses. Recently, the cost was increased by 67.9% to 356 crore in FY23.

According to the report of The Kredible, the company’s employee benefits, finance, repairs, electricity, safety, custodial fees, and other overheads catalyzed the firm’s overall expenditure by 80.3% to 880 crore in FY23 from 488 crore in FY22.

The Gurugram based startup caters to around 500 organisations across Fortune 500 companies, large enterprises, small and medium enterprises (SMEs) and established unicorns or start-ups. The company’s increase of 80% in overall expenses resulted in a 44.29% surge in losses which reached 101 crore in FY23 as compared to 70 crore in FY22. On a unit level, it spent 1.24 to earn a rupee in FY23.