Japanese NBFC Subsidiary Leases 400 Seats via Smartworks

Smartworks Coworking Spaces Limited has leased more than 400 seats at its Mumbai centre to the Indian subsidiary of a Japanese non-banking financial company (NBFC) under a five-year agreement. The managed workspace deal is expected to generate approximately ₹35 crore in rental revenue over the lease tenure, according to the company's regulatory filing.

The transaction highlights the continued demand for flexible and managed office solutions among multinational financial institutions operating in India. It also reinforces Smartworks' focus on serving large enterprise clients that require scalable and fully managed workspaces.

Five-Year Agreement Strengthens Enterprise Portfolio

The agreement has been signed for a period of five years and adds to Smartworks' growing portfolio of enterprise-focused workspace solutions. The company stated that large organisations increasingly prefer managed office environments that offer operational flexibility, seamless workplace management, and the ability to scale as business requirements evolve.

Commenting on the transaction, Neetish Sarda, Founder and Managing Director of Smartworks, said that large teams require workspaces that can deliver consistency, operational efficiency, and room for future expansion. The company's managed campus model is designed to meet these requirements for enterprise occupiers.

Large Enterprises Drive Smartworks' Revenue Growth

The latest transaction aligns with Smartworks' strategy of focusing on large-format enterprise clients. According to company data, clients with seating requirements of 300 or more seats contribute nearly 69% of Smartworks' rental revenue. These clients also maintain an average contract tenure of approximately 47 months, reflecting long-term business relationships and recurring revenue visibility.

The company further noted that around 90% of its overall revenue comes from enterprise customers, including multinational corporations, Global Capability Centres (GCCs), technology firms, and financial institutions. This positioning has helped Smartworks emerge as a major player in India's managed office space segment.

Growing Demand for Flexible Workspaces

The transaction comes at a time when India's flexible office market continues to witness strong demand. Businesses are increasingly opting for managed workspace solutions to reduce upfront infrastructure costs while maintaining operational flexibility. Financial services firms, technology companies, and GCCs have emerged as key occupiers across major office markets such as Mumbai, Bengaluru, Hyderabad, Pune, and Chennai.

• Client: Indian subsidiary of a Japanese NBFC.
• Location: Smartworks Mumbai centre.
• Seats leased: More than 400.
• Lease tenure: Five years.
• Expected rental revenue: Approximately ₹35 crore.
• Enterprise clients' contribution: About 69% of rental revenue.
• Revenue from enterprise customers: Around 90% of total revenue.

As of March 31, 2026, Smartworks managed approximately 16.1 million sq ft of workspace across 66 centres in 15 cities in India and Singapore. The latest Mumbai transaction further strengthens its presence in the enterprise workspace segment and reflects sustained demand for managed office solutions among global financial institutions operating in India.

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