Indian coworking major Smartworks has announced a significant move to bolster its international presence with the acquisition of Singapore-based flexible workspace provider, WorkStudio. The deal, facilitated through its wholly-owned Singaporean subsidiary, is a strategic step to expand its portfolio in a key Asian business hub. This acquisition underscores Smartworks' commitment to aggressive growth and its focus on catering to a growing enterprise client base in the region.
Strategic Expansion in a Key Market
The acquisition is set to more than double Smartworks' footprint in Singapore, which has been a profitable market for the company over the past two years. Upon completion, expected in July 2026, the company's portfolio will grow to four centers totaling approximately 76,000 square feet. This expansion increases its seating capacity to over 1,500, significantly enhancing its ability to serve large-scale enterprise clients.
Neetish Sarda, Founder and Managing Director of Smartworks, highlighted the city-state's strategic importance, citing strong enterprise demand and healthy operating margins. He stated that WorkStudio complements their existing presence by providing access to a high-demand micro-market. This move is expected to diversify Smartworks' Singapore portfolio and broaden its enterprise client base, reinforcing its market position.
Details of the Acquisition
WorkStudio, founded in 2024, operates a 26,000 square foot managed workspace and reported a turnover of ₹5.09 Cr in FY26. Following the transaction's closure, WorkStudio will become a step-down subsidiary of Smartworks. The deal is being funded through cash available with the company's Singapore subsidiary, though the specific financial terms of the buyout have not been disclosed.
This acquisition follows another recent expansion by Smartworks in Singapore's Central Business District. The company recently opened a new 15,000 square foot managed office space in Manulife Tower. This consistent investment demonstrates a clear strategy to capture a larger share of the market by catering to Fortune 500 companies and Global Capability Centers (GCCs).
Strong Financials and Corporate Governance
The expansion is supported by robust financial performance, with Smartworks posting a consolidated net profit of ₹16.6 Cr in the fourth quarter of FY26. This marks a significant turnaround from a loss of ₹8.3 Cr reported in the same quarter of the previous year. The company's operating revenue also surged by 45% year-on-year to ₹519.7 Cr, reflecting strong growth.
In parallel with its operational growth, Smartworks is also strengthening its corporate governance. The board recently recommended the appointment of Dilip Deshmukh, former Company Law Board chairman, as a non-executive independent director. Furthermore, the company approved the appointment of ex-IRS officer Rajeev Krishnamuralilal Agarwal as an additional director to its board.
Market Position and Future Outlook
As of March 2026, Smartworks manages a vast portfolio of 16.1 million square feet across 66 centers in 15 cities throughout India and Singapore. The company primarily serves mid-to-large enterprises, boasting a prestigious client list that includes Google, Philips, Groww, and L&T. This focus on enterprise solutions has been a key driver of its success and market leadership.
In conclusion, the acquisition of WorkStudio is a pivotal and calculated step in Smartworks' international growth strategy. By significantly increasing its Singaporean footprint, the company not only strengthens its service offerings but also solidifies its position as a dominant player in the Asian flexible workspace sector. This strategic expansion, backed by impressive financial results, positions Smartworks for continued success and long-term growth.