Smartworks Secures 400-Plus Desks in Mumbai for INR 35 Crore Deal
Smartworks Coworking Spaces Ltd has entered into a significant five-year lease agreement with the Indian subsidiary of a Japanese non-banking financial company (NBFC) for more than 400 desks at one of its centers in Mumbai. The deal is projected to generate around INR 35 crore in rental revenue over the contract's duration. The company disclosed this transaction in a regulatory filing on June 8, highlighting the continued demand from enterprise occupiers for managed and flexible workspace solutions.
According to the filing, the agreement is structured for a five-year period and is expected to contribute rental income of approximately INR 35 crore. This engagement adds to Smartworks’ portfolio of enterprise clients and underscores the growing role of flexible office operators in catering to the workspace requirements of large domestic and international businesses.
Smartworks operates a managed office platform primarily catering to enterprises. The company typically leases large office buildings from real estate developers and converts them into fully managed office campuses equipped with workplace amenities and support services. This operating model enables corporate occupiers to access ready-to-use office infrastructure without the need for extensive fit-outs or facility management responsibilities.
Over the years, Smartworks has significantly expanded its presence. As of March 31, 2026, the company had a total operational footprint of 16.1 million square feet, spread across 66 centers located in 15 cities across India and Singapore. Its portfolio includes office campuses in major commercial markets, serving a range of sectors, including financial services, technology, consulting, and multinational corporations.
The latest leasing transaction comes amidst improving financial performance for the workspace operator. During the fiscal year 2025-26, Smartworks reported a net profit of INR 10.52 crore, a significant turnaround from the net loss of INR 63.17 crore recorded in the previous financial year. This financial improvement was accompanied by a substantial increase in revenue. The company’s total income rose to INR 1,849.9 crore in FY2025-26 from INR 1,409.66 crore in FY2024-25, reflecting growth in occupancy, client additions, and the expansion of its managed office portfolio.
The flexible workspace segment continues to be a vital component of India’s commercial real estate market. According to property consultant Vestian, the country’s seven largest cities collectively host nearly 1,400 coworking centers. The consultancy estimates that the 10 largest operators account for around two-thirds of the nation’s 82 million square feet stock of flexible managed workspaces, underscoring the scale and growing institutionalization of the sector.
Smartworks' recent lease agreement not only solidifies its position in the market but also highlights the increasing preference for flexible and managed workspaces among enterprises. As more businesses seek cost-effective and scalable solutions, the demand for such spaces is expected to continue growing, further driving the expansion of the flexible workspace industry in India.
