Smartworks Coworking Spaces on Monday said it has expanded its multi-city managed office deal with a global CX and digital services firm. The expansion adds 1,150 seats at its Navi Mumbai campus, taking the client’s footprint to over 5,000 seats across Bengaluru, Kolkata, Hyderabad, and Mumbai.

“With the addition of 1,150 seats at Smartworks’ managed campus at Tata Intellion Park, Navi Mumbai, the client’s total portfolio with the company now spans Bengaluru, Kolkata, Hyderabad, and Mumbai, taking the overall seat count to over 5,000 seats,” Smartworks said in a release today.

As per the company, the combined expected rental revenue from these locations is estimated to exceed ₹155 crore, including ₹51 crore from the newly signed Mumbai deal.

Cheering the news, shares of Smartworks Coworking Spaces rose as much as 1.77% to ₹384.80 on the BSE, while its market capitalisation climbed to ₹4,368.25 crore. Earlier in the session, the stock had declined as much as 2.7% to an intraday low of ₹367.65, before recovering 4.66% from the day’s low.

Neetish Sarda, Founder and Managing Director, said the expansion reflects growing demand from enterprises for scalable, multi-city workspace solutions.

“As enterprises expand across regions, they increasingly value consistency in experience, speed of execution, and the ability to scale seamlessly within a single ecosystem. This continued expansion across four cities reflects the strength of the platform we have built and the long-term relationships we continue to deepen with global clients,” he said.

1,000+ seat clients account for 35% of revenue

The deal underscores a broader trend of large enterprises opting for campus-style, multi-city workspace partnerships. Smartworks said large-format deployments, clients with over 1,000 seats, contribute around 35% of its revenue, driven by enterprise and global capability centre (GCC) demand.

The release noted that multi-city clients accounted for about 31% of the company’s revenue in Q3 FY26, highlighting its strong presence across geographies. As of the same period, Smartworks had over ₹4,700 crore of committed rental revenue.

The company follows a model of leasing large commercial properties and converting them into managed office campuses, handling design, technology, and operations, enabling enterprises to scale without owning real estate.

In a recent exclusive interaction with Fortune India, Harsh Binani, whole-time director & co-founder, Smartworks, said that the company  is repositioning itself from a conventional co-working operator to a builder of enterprise-scale office infrastructure. The company is increasingly targeting 300-plus and even 1,000-plus seat mandates, deliberately moving away from smaller, short-term occupiers to create what it describes as enterprise-grade managed campuses.

Smartworks currently operates over 15.3 million square feet across 63 centres in 15 cities in India and Singapore. Its clientele includes more than 770 enterprises, ranging from Fortune 500 companies and multinational corporations to Global Capability Centres (GCCs) and high-growth startups. The breadth of its client base underscores its transition from flexible desks to full-scale enterprise campuses.

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