Smartworks, India's largest managed workspace platform, is planning to add another three million sq ft this fiscal and take its total footprint to around 10 million sq.
In the last two quarters, the company has added over 12 percent of India's commercial office space.
The company's expansion strategy would primarily focus on Tier 1 cities such as Bengaluru, Hyderabad, Pune, Chennai, Noida, Delhi andGurugram, and Mumbai, but it would also look at expanding its footprint into Tier 2 cities such as Kochi, Coimbatore, and Indore.
The company is going to triple its revenue to Rs 1,000 cr in 2022-23 from the current Rs 350 cr in FY22.
We would mostly focus on Tier-1 cities as our market leadership and current penetration are strong enablers for rapid growth. We will follow a dual strategy for Tier-2 cities. We are seeing growth in many cities. We have expanded to Jaipur as we are also seeing strong demand there. Tier-2 specific requirements will be coming up. The Tier-1 cities where we will continue to focus include Noida, Chennai, Mumbai,Pune, Hyderabad and Bengaluru, according to the co-founder of Smartworks.
The company has a total footprint of 7 million square feet.
The entire office landscape has changed. Our focus has been on enterprises that have moved to a hybrid workspace. Revenue growth has more than doubled in a span of five months. He said that the expansion plans for 2022 remain bullish and that they plan to add another threemilion sq ft to extend their market leadership and take advantage of the fundamental shift in user preference towards flex spaces.
IT/ITeS companies form a major chunk of the company's clientele, but firms in the BFSI and manufacturing space are also a large part of the portfolio.
He said that there has been no major contraction of rentals.
One of the biggest challenges for large enterprises is to get their employees back to work.
Expectations of employees have changed after three waves. They have become more demanding. Office space providers have a bigger responsibility. He said that the intent is to build several e-commerce partnerships, especially for our large campuses to offer employees aholistic experience.
Dedicated gaming zones for recreation, gym facilities for health and fitness, crèche facilities, locker rooms, rage rooms, courier services, cafeteria and pantry are some of the ancillary services the company has increased focus on.
Ensuring that employees get an opportunity to shop at 24x7 stores and have their laundry delivered is the idea. He said that the attempt of late has been to provide for more e-commerce options on campus through both online and offline offerings.
In December last year, the company announced that it will be investing nearly Rs 190 crore in its new tech venture that will offer services related to workspace management.Founded in April 2016, Smartworks currently has a growing footprint of approximately seven million sq. ft. with a presence in 11 cities and 37 centres.
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