Smartworks Coworking Spaces Ltd announced that its wholly owned subsidiary, Smartworks Space Pte. Ltd., will acquire Workstudio Spaces Pte. Ltd., a Singapore-based flexible workspace provider. The transaction, approved by the Audit Committee and the Board of Directors on June 25, 2026, is expected to be completed in July 2026. This acquisition will more than double the company's footprint in Singapore to approximately 76,000 sq. ft. across four centres, reinforcing its position in a key Asian business hub.

The acquisition will be funded through cash available with the subsidiary. Upon completion, Workstudio Spaces Pte. Ltd. will become a step-down subsidiary. The transaction is classified as a related party transaction because an immediate relative of a Director and promoter holds an interest in the holding company of the target entity. The company stated that the acquisition is being conducted at an arm's length basis.

Strategic Impact and Expansion

The acquisition is intended to enhance Smartworks' market presence and improve its ability to serve enterprise clients in Asia. Following the transaction, the total seating capacity in Singapore will exceed 1,500. Neetish Sarda, Founder and Managing Director of Smartworks, highlighted that Singapore remains a strategically important market supported by strong enterprise demand and healthy operating margins. He noted that existing centres in Singapore have been profitable over the past two years.

Target Entity Profile

WorkStudio Spaces Pte. Ltd. was incorporated in Singapore on November 20, 2024. The entity provides flexible workspace solutions, managed office spaces, and related services, primarily operating within Singapore. The company reported a turnover of ₹5.09 Crores from its incorporation until March 31, 2026. The target entity currently has an operational footprint of approximately 26,000 sq. ft.

As of March 31, 2026, Smartworks manages a total footprint of approximately 16.1 million sq. ft. across 66 centres in 15 cities in India and Singapore.

Smartworks Coworking Spaces Ltd has strengthened its governance structure by appointing Mr. Rajeev Krishnamuralilal Agarwal and recommending Mr. Dilip Deshmukh as Independent Directors. The Board of Directors approved these decisions at its meeting held on June 25, 2026, based on the recommendations of the Nomination and Remuneration Committee. Both appointees bring extensive experience in law, finance, and regulation, which will support the company's strategic oversight and compliance framework.

Mr. Rajeev Krishnamuralilal Agarwal has been appointed as an Additional Non-Executive and Independent Director effective June 25, 2026. He is a former Indian Revenue Service (IRS) officer of the 1983 batch and served as a Whole Time Member of SEBI from 2011 to 2016. His career spans over three decades in taxation, enforcement, and capital markets. Mr. Agarwal currently holds independent directorships in several organizations, including ACC Ltd., Star Health Insurance Co., and One 97 Communications Ltd. (Paytm).

The Board has recommended the appointment of Mr. Dilip Deshmukh as a Non-Executive and Independent Director, subject to shareholder approval. Mr. Deshmukh is a retired judicial veteran with over four decades of experience. He previously served as the Chairman of the Company Law Board (CLB), now known as the National Company Law Tribunal (NCLT), and was a Judge at the Chhattisgarh High Court. Since retiring in 2015, he has been active in domestic and international arbitration.

Details of Appointments

The company confirmed that neither director 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. The information is available on the company's website.