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FINWIRES

Smartworks Leases 400 Seats to Japanese NBFC Arm in Mumbai, India

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Smartworks Coworking Spaces (NSE:SMARTWORKS, BOM:544447) has leased over 400 seats to the Indian subsidiary of a Japanese non-banking financial company in Mumbai, according to a Monday filing with the Indian bourses.

The five-year agreement is expected to generate rental revenue of around 350 million rupees over the tenure, the company said in the filing.

The company said clients with 300 or more seats account for about 69% of its rental revenue, with an average tenure of around 47 months for this segment.

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