Smartworks Coworking Spaces Reports Lesion of 50 Crore in FY24

                IPO-bound Smartworks’ net loss narrowed 51% to INR 49.8 Cr in the financial year 2023-24 (FY24) from INR 101.02 Cr in the previous year on the back of a strong business growth.
The startup, which recently filed its draft red herring prospectus (DRHP) for its IPO, saw its revenue from operations cross the INR 1,000 Cr mark during the year under review. 
Smartworks’ operating revenue zoomed 46% to INR 1,039.4 Cr in FY24 from INR 711.4 Cr in the previous fiscal year.
Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks  is a shared workspace provider that offers customisable coworking solutions for enterprises.
At INR 997.1 Cr, the startup earned 96% of its revenue from lease rentals. This was an increase of 45% from INR 687.5 Cr it earned from lease rentals in FY23. Besides, it earned INR 42 
Cr revenue from ancillary services in the last fiscal year.
Including other income, total income stood at INR 1,113.1 Cr in FY24 as against INR 744.1 Cr in the previous fiscal year.

Source : The Economic Time