Smartworks Expands with Major Wolters Kluwer Lease

Smartworks Coworking Spaces Ltd has leased 1.66 lakh sq ft office space to Wolters Kluwer in Pune. With over 2,94,000 seats across 14 cities, Smartworks focuses on large enterprises. The company's net loss significantly narrowed, while income grew by 22% in the recent fiscal quarter.

Smartworks Coworking Spaces Ltd has signed a lease agreement for 1.66 lakh sq ft office space with Wolters Kluwer (India) Pvt Ltd in Pune. The company, which manages 12.7 million sq ft across 14 cities, targets large enterprises with its expansive campuses.

Founder and Managing Director Neetish Sarda emphasized the growing demand for scale and a consistent experience across locations. Smartworks has seen its 1,000+ seats cohort increasing from 12% to 35% of rental revenue, driven by enterprise client needs.

In a promising financial update, Smartworks reported a narrowed consolidated net loss of Rs 3.13 crore in the latest fiscal quarter, compared to Rs 15.82 crore the previous year. The company's total income rose by 22% to Rs 441.06 crore.

(With inputs from agencies.)