Smartworks Expands 5,000-Seat Deal, Secures ₹155 Cr in Rental Revenue

Smartworks Coworking Spaces is making bold moves in India’s managed office market. The company has expanded its deal with a Forbes 2000 global customer experience (CX) firm, which now occupies over 5,000 seats across four major Indian cities: Bengaluru, Kolkata, Hyderabad, and Mumbai.

The latest expansion adds 1,150 new seats in Navi Mumbai. Smartworks hosts these seats at its managed campus inside Tata Intellion Park. This addition brings the client’s presence to all four cities, making it one of the largest multi-city managed office engagements in India. The client is a globally recognised leader in digital business services and CX management.

The financial impact of this deal is substantial. The combined expected rental revenue from all four locations exceeds ₹155 crore. The newly signed Mumbai deal alone contributes ₹51 crore to that figure. Furthermore, Smartworks already holds over ₹4,700 crore in committed rental revenue as of Q3 FY26. This reflects the long-term, enterprise-driven nature of its business model. These numbers give the company strong revenue visibility well into the future.

Founder and Managing Director Neetish Sarda says enterprises now want consistency and speed. They also want the ability to scale within a single workspace ecosystem. Smartworks has built that platform over time. Large-format clients are a key driver of this growth. Clients with over 1,000 seats contribute approximately 35% of total revenue. Additionally, multi-city clients contributed around 31% of overall revenue in Q3 FY26.

Smartworks takes large commercial buildings and transforms them into enterprise-grade office campuses. The company handles design, technology, delivery, and daily operations. This allows businesses to grow without managing real estate themselves. Today, Smartworks manages roughly 15.3 million sq. ft. across 63 centres. Its presence spans 15 cities in India and Singapore. The company serves over 770 clients, including GCCs, MNCs, and high-growth startups.

Despite the market challenges, Smartworks Coworking Spaces Limited’s stock, with a market capitalisation of Rs. 4,248 crores, fell Rs. 368, down 1.84 percent from its previous closing price of Rs. 374.90. Over the past year, the stock has given a negative return of 16.7 percent. However, the company's strategic expansion and strong client base continue to position it as a leader in the managed office market.