Smartworks Strengthens Singapore Presence With New Acquisition

Adding to its bid to double down on the Singapore market, listed coworking major Smartworks’ board has now approved a complete buyout of a Singapore-based startup, WorkStudio.

The acquisition is being undertaken by the company’s Singapore-based wholly owned subsidiary and is expected to be completed by July. The company didn’t disclose the exact financial terms of the deal as of now. 

The acquisition will help “strengthen Smartworks’ presence in Singapore by expanding its coworking and flex space portfolio in a key international business hub.”

“Since this is an in-principle approval by the company as the holding company, further details are subject to further negotiation and closure of the transaction documents with the target company,” the company’s disclosures read.

Founded in 2024, WorkStudio is engaged in the business of providing flexible workspace solutions, managed office spaces and related services. Managing a 26,000 sq ft coworking space, WorkStudio registered a turnover of ₹5.09 Cr in FY26.

Important to mention that one of Smartworks’ promoters holds an interest in the startup. Following the completion of the deal, WorkStudio will become Smartworks’ step-down subsidiary.

Upon completion, the coworking major’s Singapore portfolio will grow to four centres with about 76,000 sq ft in total. The expansion will improve Smartworks’ ability to serve enterprise clients, and support long-term growth in Asia.

This comes days after the coworking space provider announced that it was opening a new managed office space in Singapore’s Central Business District at Manulife Tower to cater to GCCs and Fortune 500 companies. 

The 15,000 sq ft space would be Smartworks’ third centre in Singapore and brings the company’s total footprint in the country to over 50,000 sq ft. 

Currently, Smartworks operates 66 centres spread across 16.1 Mn sq ft in 15 cities across India and Singapore. It primarily serves mid-to-large enterprises and commands a clientele of 770, including the likes of Google, Philips, Groww, L&T, Mahindra Logistics, MakeMyTrip, among others.

In a separate development, Smartworks’ board also recommended the appointment of former Company Law Board (CLB) chairman Dilip Deshmukh as an non-executive independent director to the board and approved the appointment of ex-IRS officer Rajeev Krishnamuralilal Agarwal as an additional director today.

On the financial front, Smartworks posted a consolidated net profit of ₹16.6 Cr in Q4 FY26. The company had reported 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. On a quarter-on-quarter basis, it rose 10.1% from ₹472.1 Cr. 

Shares of Smartworks ended 1.76% higher at ₹489.20 apiece on the BSE today.

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