Smartworks Accelerates Southeast Asian Expansion with Acquisition of Singapore's Workstudio Spaces

Listed flexible workspace powerhouse Smartworks Coworking Spaces Limited has finalized a deal to acquire Singapore-based Workstudio Spaces Pte. Ltd., significantly scaling its presence in one of Asia’s primary corporate hubs.

The transaction, which was formally cleared by Smartworks' Audit Committee and Board of Directors, will be executed via its wholly owned Singaporean arm, Smartworks Space Pte. Ltd. The cash-fueled acquisition is expected to wrap up by the end of July, assuming normal regulatory and statutory closing conditions are met.

Upon completion, Workstudio Spaces will operate as a step-down subsidiary of the larger corporate group.

Doubling the Singapore Footprint

Workstudio Spaces, which was incorporated in late 2024, has built a footprint of 26,000 square feet of managed workspace in high-demand micro-markets across Singapore. The company reported a turnover of ₹5.09 crore from its incorporation through March 31.

Integrating Workstudio's portfolio will rapidly push Smartworks’ total Singapore footprint from 50,000 sq. ft. up to nearly 76,000 sq. ft. The consolidation scales its local presence to four operational enterprise centers with a combined capacity exceeding 1,500 seats.

Neetish Sarda, Founder and Managing Director of Smartworks, pointed out that Singapore remains an incredibly lucrative market for the firm's curated workspace ecosystem:

"Singapore is a key pillar of our long-term international growth strategy. Enterprise demand here remains remarkably strong, supported by excellent operating margins. Our existing centers in the city-state have performed exceptionally well and have been consistently profitable over the last two years. This acquisition allows us to deepen our roots in high-demand zones while diversifying our global enterprise client base."

Strong Corporate Financials Backing the Move

The international buyout follows an incredibly strong financial showing back home. For Q4, Smartworks reported an explosive 45% year-on-year surge in operational revenues, hitting ₹520 crore compared to ₹358 crore in the corresponding quarter of the previous year.

More importantly, the managed office giant successfully flipped its bottom line into the green, booking a net profit of ₹16.6 crore for the quarter, up from a loss of ₹8.3 crore during the same window last year. This operational efficiency is giving the group the necessary leverage to fund overseas expansion entirely out of its own regional balance sheet.

As of March 31, Smartworks maintains a massive real estate footprint of roughly 16.1 million square feet across 66 centers spanning 15 cities in India and Singapore. The company primarily targets major enterprise accounts, including Fortune 500 corporations, massive Global Capability Centers (GCCs), and blue-chip Indian conglomerates.