Smartworks to acquire Singapore's coworking and flex space firm named Workstudio Spaces

Smartworks said that with the acquisition it will strengthen its position in Singapore; and its footprint set to more than double over two years to 76,000 sq ft

Smartworks Coworking Spaces Limited, a managed office space provider, will acquire Workstudio Spaces Pte. Ltd. (Workstudio), a Singapore-based flexible workspace provider with an operational footprint of 26,000 sq ft and healthy committed occupancy levels, through its wholly owned subsidiary, Smartworks Space Pte. Ltd. The transaction is expected to complete in July 2026, subject to requisite approvals.

Smartworks Coworking Spaces Limited, a managed office space provider, will acquire Singapore's Workstudio Spaces Pte. Ltd. (Workstudio). (Picture for representational purposes only) (Pexels)

According to the company, the proposed acquisition will be met through funds available with the subsidiary reflecting its disciplined approach to executing strategically aligned transactions at a competitive valuation.

"Upon completion, Smartworks' Singapore portfolio is expected to expand to four centres, with its footprint increasing to 76,000 sq ft and total seating capacity exceeding 1,500. This will more than double the company's presence in Singapore over the last two years, reinforcing its long-term commitment to one of Asia's leading business and financial hubs," the company said in a statement.

"Singapore remains a strategically important market, supported by strong enterprise demand, a clear flight to quality, and structurally healthy operating margins. Our existing centres in Singapore have been profitable over the past two years. Workstudio complements our existing presence by providing access to a high-demand micro-market, diversifying our Singapore portfolio, and broadening our enterprise client base," the company statement said.

According to the company, the proposed acquisition is expected to broaden Smartworks' enterprise relationships in Singapore, diversify its presence across key business districts, and further strengthen its ability to deliver a consistent, enterprise-grade managed workspace experience across the market.

Recent announcement and total footprint

On June 8, the company announced it leased more than 400 seats at its Mumbai centre to a Japanese NBFC subsidiary under a five-year agreement. The deal is expected to generate rental revenue of approximately ₹35 crore over the lease term. The five-year engagement is estimated to generate rental revenue of around ₹35 crore, the company said.

Smartworks has a total footprint of 16.1 million sq ft across 66 centres in 15 cities in India and Singapore, as of March 31, 2026. The company partners with developers to transform large commercial assets into fully managed enterprise campuses, integrating workspace design, technology infrastructure, hospitality, and workplace services for enterprises, GCCs, multinational corporations, and high-growth businesses.

During the 2025-26 fiscal, Smartworks posted a net profit of ₹10.52 crore against a net loss of ₹63.17 crore in the preceding financial year. The company's total income increased to ₹1,849.9 crore last fiscal from ₹1,409.66 crore during 2024-25.