Smartworks Coworking has expanded its contract with L&T Technology Services, adding over 1,100 seats in Pune. This deal is expected to generate ₹115 crore in revenue, highlighting the company's focus on large enterprise clients.
Smartworks Expands L&T Technology Services Deal
Smartworks Coworking Spaces Limited is expanding its partnership with L&T Technology Services (LTTS) by adding over 1,100 seats in Pune. This move increases their total managed office portfolio for LTTS to over 2,750 seats across multiple cities.
Reader Takeaway: Significant revenue boost from enterprise client expansion with clear financial visibility.
What just happened
Smartworks Coworking has signed a deal to provide an additional 1,100+ seats in Pune to L&T Technology Services. This expansion brings the total portfolio for LTTS to over 2,750 seats.
The Pune expansion is valued at ₹55 crore over 60 months, contributing to a total combined engagement revenue of ₹115 crore with LTTS.
Why this matters
This expansion reinforces Smartworks' strategy to focus on large-format enterprise clients, a segment that currently accounts for approximately 90% of its total revenue. The deal provides substantial revenue visibility and demonstrates the company's ability to secure and grow business with major clients.
Clients with over 1,000 seats represent about 37% of total rental revenue, underscoring the importance of large-scale contracts for Smartworks.
The backstory
As of March 31, 2026, Smartworks operates 66 centres across 15 cities, managing 16.1 million square feet. The company serves over 770 clients, including Fortune 500 and Forbes 2000 firms.
This latest expansion with LTTS builds on an existing relationship, highlighting Smartworks' success in retaining and upscaling services for its enterprise customer base.
What changes now
The expanded deal directly boosts Smartworks' revenue and occupancy rates within its core enterprise segment. It strengthens the company's market position as a preferred provider of managed workspace solutions for large organizations.
Risks to watch
While the focus on enterprise clients provides stability, Smartworks needs to maintain high occupancy and service quality to ensure continued client satisfaction and repeat business. Dependence on a few large clients could also pose a risk if any significant contract is not renewed.
Peer comparison
Smartworks operates in the competitive coworking space, competing with players like WeWork India, Awfis, and 91springboard. Its strategic focus on large enterprises differentiates it from operators with a more retail or SME-centric model.
Context metrics (time-bound)
- Pune Expansion Revenue: ₹55 crore
- Total Combined Engagement Revenue (LTTS): ₹115 crore
- Tenure (Pune Expansion): 60 months
- New Seat Addition (Pune): 1,100+ seats
- Total LTTS Portfolio: 2,750+ seats
What to track next
Investors will be keen to see how Smartworks continues to expand its enterprise client base and maintain high occupancy across its centres. Future announcements regarding similar large-scale expansions or renewals will be crucial indicators of growth.