Smartworks Appoints Two Independent Directors To Strengthen Its Board

Coworking major Smartworks has strengthened its board with the appointment of former whole-time SEBI member Rajeev Krishnamuralilal Agarwal as an additional non-executive and independent director. 

Besides, the company has recommended the appointment of Justice (retired) Dilip Deshmukh as a non-executive and independent director. The appointment of Deshmukh will be subject to the approval of the company’s shareholders, the company said in a BSE filing. 

Smartworks said the appointments will bring expertise across capital markets, financial regulation, corporate governance, and judicial and corporate adjudication to its board. 

Agarwal is an Indian Revenue Service (IRS) officer from the 1983 batch. During his tenure at SEBI, he oversaw key policy and regulatory functions across the securities market, including mutual funds, foreign portfolio investments, market intermediaries, market surveillance, and enforcement. 

He also serves as an independent director on the boards of companies like ACC, One97 Communications, and Star Health and Allied Insurance. 

Meanwhile, Deshmukh is a legal and judicial veteran with over four decades of experience across the judiciary and corporate adjudication. Prior to this, he served as chairman of the company law board (now the National Company Law Tribunal) and as a judge of the Chhattisgarh High Court. 

The development comes at a time when Smartworks is rapidly scaling its operations in India and Singapore. Last week, the company acquired Singapore-based WorkStudio — a flexible workspace solutions, managed office spaces and related services provider.

Prior to the acquisition, Smartworks also opened a new managed office space in Singapore’s Central Business District at Manulife Tower to cater to GCCs and Fortune 500 companies. 

The company currently operates 66 centres across 15 cities in India and Singapore, spanning 16.1 Mn sq ft. It primarily caters to mid and large-sized enterprises and has a client base of over 770 companies, including Google, Philips, Groww, L&T, Mahindra Logistics, MakeMyTrip, among others.

On the financial front, Smartworks posted a consolidated net profit of ₹16.6 Cr in Q4 FY26 as against a loss of ₹8.3 Cr in the year-ago quarter. Operating revenue zoomed 45% to ₹519.7 Cr from ₹358.4 Cr in Q4 FY25. 

Shares of Smartworks were trading 2.65% lower at ₹476.25 on the BSE at 12:20 IST. The company’s market capitalisation stood at ₹5,442 Cr (about $635 Mn).

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