Smartworks Coworking Spaces Ltd has completed the acquisition of Workstudio Spaces Pte. Ltd for 2.47 Million SGD, adding over 45 clients across diverse industry sectors to its portfolio. The transaction, finalized on July 06, 2026, through wholly owned subsidiary Smartworks Space Pte. Ltd, strengthens the company's presence in Singapore's enterprise workspace market. This strategic expansion increases Smartworks' operational footprint in the region to four centres spanning approximately 76,000 sq. ft. with a seating capacity of over 1,500.

The acquisition is classified as a related party transaction as an immediate relative of a director and promoter holds interest in the holding company of the target entity, though the deal was conducted at arm's length. The target entity, incorporated in Singapore on November 20, 2024, reported a turnover of INR 5.09 Crores from incorporation until March 31, 2026. The investment was made entirely by the subsidiary, with no direct investment required from the company.

Acquisition Details

The key parameters of the transaction are summarised below:

Neetish Sarda, Founder and Managing Director, Smartworks, stated that the acquisition marks an important step in the company's Singapore journey, more than doubling its footprint in two years. Soroush Ostovari, Sales Director, Singapore, noted that the addition of Smartworks' operational expertise and scale provides a platform to serve growing demand in the city's CBD. The strategic location of the new centre, near the upcoming Prince Edward MRT station, is expected to enhance accessibility for enterprise occupiers.

The disclosure was submitted to the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Smartworks is India's largest managed office platform by total area under management, with a footprint of approximately 16.1 million square feet across 66 centres in 15 cities as on March 31, 2026.

Smartworks Coworking Spaces Ltd has strengthened its governance framework by appointing Mr. Rajeev Krishnamuralilal Agarwal as an Additional Non-Executive and Independent Director effective June 25, 2026. The Board also recommended the appointment of Justice (Retd.) Dilip Deshmukh as a Non-Executive and Independent Director, subject to shareholder approval. These strategic moves aim to bolster the company's oversight with deep expertise in capital markets, financial regulation, and corporate adjudication.

Mr. Rajeev Krishnamuralilal Agarwal is a former Whole-Time Member of the Securities and Exchange Board of India (SEBI) and an Indian Revenue Service (IRS) officer from the 1983 batch. During his tenure at SEBI, he oversaw key policy areas including securities markets, mutual funds, and enforcement. He played a pivotal role in regulatory reforms such as the introduction of the Offer for Sale (OFS) mechanism. Mr. Agarwal currently serves on the boards of several listed and financial services companies.

Justice (Retd.) Dilip Deshmukh brings over four decades of judicial and corporate adjudication experience. He previously served as the Chairman of the Company Law Board (CLB), now known as the National Company Law Tribunal (NCLT), and as a Judge of the Chhattisgarh High Court. Since retiring in 2015, he has been active in domestic and international arbitration. His appointment is intended to enhance the Board's governance capabilities with his deep expertise in corporate law.

Details of Appointments

The company confirmed that neither appointee is related to any existing director on the Board. The disclosures were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Smartworks is India’s largest managed office platform by total area under management, with a footprint of ~16.1 million square feet across 66 centres as on March 31, 2026.