Smartworks Coworking Spaces Ltd (Smartworks) is an evolved entity today. The company has come a long way since it was founded in April 2016 by Neetish Sarda and Harsh Binani as a conventional co-working operator catering to small start-ups and freelancers. Over the years, the Singapore-based Keppel Land-backed company has transformed itself into a large-scale enterprise workspace solutions platform serving primarily mid-sized and large corporates.
Smartworks, with around 950 employees, has emerged as India’s largest managed office platform, with a footprint of around 16.1 million sq ft across 66 centres in 15 Indian cities as well as Singapore. Recently, the company became the first listed flexible workspace platform in India to cross 10 million sq ft of operational area. Since its inception, its total footprint has grown more than 11 times, while revenue surged over 17 times to Rs1,790 crore in FY26.
With over 10 per cent market share in the flexible workspace segment, the Gurugram-headquartered company, known for pioneering India’s managed office campus model, has established itself as a major player in India’s fast-growing flexible office segment by focusing on enterprise-grade large managed campuses rather than small start-up-oriented co-working formats.
The company’s strategy of leasing large bare-shell commercial properties from leading institutional and non-institutional developers and converting them into fully managed, technology-enabled workspaces has enabled it to create a differentiated positioning in a market where flex workspace stock in India has tripled since 2020 to cross over 100 million sq ft in CY25, even as the overall commercial office space across major Indian cities stood at around 1,000 million sq ft.
“When we started Smartworks, our conviction was clear: enterprises need more than desks and leases. They need speed, scale and reliability. That belief led us to pioneer India’s managed office platform – large-format, fully serviced campuses delivered in weeks, not years. In doing so, we created not just offices but a new category. A model where reliability and reinvention work together – where enterprises no longer choose between scale and cost, ambition and assurance,” says Neetish Sarda, 32, Founder & Managing Director, Smartworks.
“Over time, reliability has come to mean trust in execution, while reinvention has meant continuous improvement in design, technology and workplace experience. From this idea, Smartworks has today grown into India’s largest managed office platform. What defines us is an enterprise-first, de-risked model: 90 per cent of revenues come from enterprises, diversified across clients, cities and sectors, with no single exposure beyond prudent limits. This structural resilience underpins our growth and stakeholder confidence,” adds Sarda.
Credentials
Hailing from a business family in Kolkata, Sarda chose entrepreneurship over joining the family business (Sarda Group of Industries, primarily into jute mills) and focused on building a scalable workspace platform aligned with changing work trends. He has played a key role in steering Smartworks from a co-working model to a managed campus and enterprise-office platform, helping the company emerge as a significant player in India’s fast-growing flexible workspace market.
Regarded as one of India’s youngest entrepreneurs shaping the future of the country’s commercial real estate and managed office sector, he holds a bachelor’s degree in science from the University of London and has been recognised with several entrepreneurial and real estate industry awards. His vision positions Smartworks as a benchmark for managed campuses in Asia’s evolving commercial real estate market.
Today, Smartworks enjoys an extensive clientele of large enterprises across sectors including technology, consulting, banking, financial services, engineering and Global Capability Centres (GCCs). The company currently serves around 780 enterprise clients, including Fortune 500 and Forbes 2000 companies. Some of the marquee customers include Google, Accenture, Microsoft, Deloitte, DHL, Hitachi, Tech Mahindra, Persistent, Groww, Zepto, Xoriant, EY, Bridgestone and Moglix. Currently, over 90 per cent of the company’s rental revenue comes from enterprise clients with multi-year contracts, while the 1,000+ seat cohort contributes 37 per cent of revenue, up from 29 per cent a year ago.
The company has partnered with leading institutional and non-institutional developers like Hiranandani Group, Tata Realty, DLF and Panchshil to transform large bare-shell commercial assets into fully managed, enterprise-grade campuses. Currently, Smartworks hosts six large managed office campuses (total space: around 4 million sq ft) across Mumbai, Bengaluru and Pune.
These managed office campuses are designed to function as integrated workplace environments that combine flexibility with enterprise-grade infrastructure. These campuses typically feature modern workstations, collaborative zones, meeting rooms, cafeterias, wellness centres, fitness facilities, gaming areas, and technology-enabled security and access systems. Smartworks also places strong emphasis on sustainability, smart building management and employee experience, aligning its developments with evolving workplace expectations in the post-pandemic era.
Backed by these developments and favourable market conditions, the company, which got listed on the BSE and NSE in July 2025, has shown an impressive growth trajectory over the past few years. Smartworks’ revenue has grown at a CAGR of around 35 per cent since FY23 (Rs711 crore) to Rs1,796 crore in FY26, which marks the company’s first financial year as a listed entity. Smartworks’ share was recently trading around Rs445, with a 52-week high and low of Rs619 and Rs361 respectively.
Achievements
The company achieved three first-evers in FY26. It became the first listed flexible workspace platform in India to cross 10 million sq ft of operational area, delivered its first full year of reported PAT profitability of Rs11 crore versus a loss of Rs63 crore in FY25, and crossed contracted rental revenue of Rs5,200 crore. It currently enjoys an overall occupancy rate of around 82 per cent and a committed occupancy rate of around 88 per cent.
Smartworks is looking to maintain this momentum going ahead as it plans to add around 3 million sq ft of space annually to its portfolio in the coming years, as demand for managed office space is expected to continue in the market where it competes with players like Awfis, WeWork India, IndiQube, 91Springboard and Table Space.
Flex workspace has become a core component of Indian real estate, with total stock exceeding 100 million sq ft and penetration surpassing 10 per cent of the total Grade A office stock. This marks a rapid, corporate-led shift, with flex spaces contributing over 20 per cent of new leasing in major Indian cities. In fact, India has emerged as one of the world’s fastest-growing large flexible workspace markets, marked by its unparalleled scale, cost-effectiveness and advancing institutional maturity. As per CBRE, there are currently over 500 flexible workspace operators in the country with around 2,600 unique centre locations.
“Flex offices have earned their place as a structural pillar of India’s office market rather than a supplementary add-on. Flex is now a core component of how India’s leading companies plan and manage their real estate portfolios. The enterprise adoption data suggests that occupiers have moved well beyond experimentation. Flex is being integrated into long-term portfolio planning and demand is being shaped by workforce strategy and geographic flexibility. We expect this integration to deepen further,” says Anshuman Magazine, Chairman and CEO - India, South-East Asia, Middle East and Africa, CBRE.
“In just a decade, Smartworks has redefined the managed office category, proving that speed, scale and discipline can go hand in hand. From a single centre to over 16 million sq ft across 15 cities, the company has scaled by earning the trust of enterprises that expand with us, landlords that partner with us repeatedly, and employees who bring our campuses to life every day. Our recent listing on the stock exchange was a validation of that model – proof that Smartworks is resilient, relevant and built for the long term,” states Harsh Binani, 37, Co-Founder & Executive Director, Smartworks.
“Looking ahead, the opportunity is immense. With flexible workspaces now comprising nearly a fifth of the total office demand in India, our playbook for the coming years is clear: scale large campuses in core and emerging clusters, deploy selective management-contract and variable-rent models to de-risk growth, and expand monetisation through value-added services such as fit-out-as-a-service,” adds Binani.
A key member of the founding leadership team, Binani has played a pivotal role in shaping Smartworks into a major enterprise-focused workspace platform. He currently oversees critical finance, corporate and support functions of the company. Before co-founding Smartworks, he worked with McKinsey & Company in Chicago, where he advised clients across sectors such as healthcare, insurance and infrastructure.
His exposure to global workplace trends and flexible office models inspired him to return to India and build Smartworks’ technology-driven workspace platform catering to large enterprises. He is an alumnus of Shri Ram College of Commerce and earned his MBA from the Kellogg School of Management with a specialisation in finance. Recognised for his analytical and people-centric leadership style, Binani emphasises culture-building and performance excellence. His approach has helped redefine India’s flexible workspace market.
Experts believe that India’s commercial office market has witnessed significant change in the post-pandemic period. While hybrid working initially disrupted traditional office demand, companies eventually realised the need for collaborative and experience-driven workplaces. This transition accelerated the adoption of flexible office solutions, especially among enterprises seeking scalability, operational efficiency and lower capital expenditure. Smartworks has been one of the key beneficiaries of this trend.
Leveraging the GCC demand
The company operates a managed campus model that goes beyond desk rentals. Its offerings include customised office layouts, cafeterias, wellness zones, sports and recreation facilities, meeting infrastructure, managed IT services, and integrated workplace technology solutions. This ‘workspace-as-a-service’ approach has helped Smartworks position itself not merely as a landlord substitute, but as an integrated workplace solutions provider.
In order to differentiate itself further in the market and leverage the GCC demand traction (in 2025, out of around 81 million sq ft of office space leased across the top seven cities, GCCs accounted for 33 million sq ft), Smartworks has launched a dedicated, purpose-built platform named SmartVantage specifically to cater to the growing demand for GCCs in India. The platform goes beyond conventional managed office offerings by combining large-format workspaces with strategic business support services. The platform offers customised campuses, many spanning over 500,000 sq ft, enabling enterprises to establish scalable and brand-aligned operations across multiple cities. GCC revenue exceeded 15 per cent of the company’s overall rental revenue in FY26, up from 7 per cent in FY25.
“For GCCs, flexibility is critical – they need quick-turnaround spaces with the ability to expand seamlessly as they grow, and our pan-India presence, speed of office delivery within 60 days, and robust portfolio make that possible. With SmartVantage, we are building on this strength by bringing in curated alliance partners who can support GCCs with legal and compliance requirements, taxation, talent acquisition, operational advisory, and even R&D and innovation. Through these partners, Smartworks is now able to offer services across the spectrum, creating an ecosystem for GCC success in India,” states Sarda.
Rating agency ICRA projects GCCs to incrementally lease 50-55 million sq ft of Grade A office space during FY27, up from around 23 million sq ft in FY25, thus potentially contributing 38-40 per cent to the overall office demand. Moreover, it expects the number of GCCs to rise from around 1,700 at present to more than 2,500 by 2030, generating over $100 billion in revenue and scaling workforce capacity by 1.5-2.0 times.
The rapid expansion of GCCs has emerged as one of the key growth drivers for India’s commercial office real estate sector in recent years. Their incremental demand for leased space signals a strong long-term commitment and strategic growth by global enterprises in India. Several states are also introducing targeted subsidies, training incentives and infrastructure support to further accelerate GCC investments.
Looking at the growing demand, Smartworks is aggressively building up its portfolio of large managed campuses across major cities. At present, it has six large managed campuses across Mumbai, Bengaluru and Pune. Of these, five operational campuses are: Vaishnavi Tech Park, Bengaluru (around 700,000 sq ft); M-Agile, Pune (around 657,000 sq ft); 43 EQ, Pune (around 650,000 sq ft); AP 81, Pune (around 645,000 sq ft); and Intellion Park, Building 1, Mumbai (around 555,000 sq ft).
In the case of the one campus that is going live by late 2026, the company has entered into a landmark partnership with the Hiranandani Group to develop what is being described as the world’s largest managed office campus at Eastbridge in Mumbai’s Vikhroli. The collaboration marks one of the most significant deals in India’s fast-growing flexible workspace industry and underlines the increasing demand for large-scale, enterprise-focused office solutions. Under the agreement, Smartworks has licensed over 815,000 sq ft of office space at Eastbridge, a premium commercial development by Regalia Office Parks, the commercial arm of the Hiranandani Group.
The campus will cater primarily to large enterprises looking for scalable, technology-enabled and employee-centric workspaces. The partnership combines Smartworks’ expertise in managed office solutions with the Hiranandani Group’s strong track record in developing large commercial and mixed-use projects. The Eastbridge campus is expected to feature green landscapes, wellness zones, EV charging stations, jogging tracks, collaborative spaces, and advanced workplace infrastructure aligned with global ESG standards.
“Our partnership with Smartworks for Eastbridge reflects a shared belief in the future of large, people-first campuses. Eastbridge is more than just a development; it symbolises how design, sustainability and scale can come together to create truly global-standard workplaces. Smartworks’ proven leadership and operational expertise make them the ideal partner to bring this vision to life,” states Niranjan Hiranandani, Founder & Chairman, Hiranandani Group.
With Eastbridge, Smartworks further reinforces its leadership as the category creator of the managed campus model, combining scale, reliability and speed of execution. This announcement follows Smartworks’ previous addition of a 557,000 sq ft campus at Tata Realty’s Intellion Park in Navi Mumbai.
“Our partnership with Smartworks reflects a shared vision to create world-class, future-ready work environments. With Intellion Park set to become Navi Mumbai’s largest IT park, and Smartworks’ expertise in building scalable, enterprise-grade campuses, this collaboration is poised to set new benchmarks in the region’s commercial real estate landscape,” says Sanjay Dutt, Managing Director & CEO of Tata Realty.
Diversified offering
These deals also highlight the increasing preference among large enterprises for campus-style, multi-city workspace partnerships, as Smartworks continues to see strong momentum from large-format deployments and enterprise expansion mandates. A significant share of Smartworks’ portfolio is driven by large-format deployments, with 1,000+ seat clients contributing around 37 per cent of revenue, led by enterprise and GCC demand. Multi-city clients contributed almost 31 per cent to the company’s overall revenue, highlighting the company’s strength in serving enterprises across geographies. As of FY26, Smartworks has over R5,200 crore of committed rental revenue, reinforcing the long-tenure, enterprise-led nature of the business.
“The growing popularity of large managed campuses reflects changing corporate preferences. Many companies now prefer asset-light, flexible office solutions that allow them to scale operations quickly while outsourcing workplace management to specialised operators. Smartworks has positioned itself at the centre of this shift by offering plug-and-play campuses tailored for enterprises across sectors such as technology, banking, consulting and GCCs,” says Sarda.
Against the backdrop of these initiatives, Smartworks has established itself as a key force in India’s evolving office space market by redefining how enterprises approach workplace infrastructure. At a time when companies are increasingly prioritising flexibility, scalability and employee experience, the company has successfully positioned itself as a partner that delivers integrated, technology-enabled and managed office ecosystems rather than just physical workspaces. Its rapid expansion across major business hubs, combined with partnerships with leading developers such as the Hiranandani Group, Tata Realty and others, reflects the growing demand for large-format managed campuses among corporates and GCCs.