Quick Take
- Smartworks Board named ex-SEBI member Rajeev Agarwal an additional independent director on June 25, 2026.
- The board also recommended retired judge Justice Dilip Deshmukh, subject to shareholder approval.
- The moves strengthen governance as Smartworks expands across India and Singapore through 2026.
In This Article
The Smartworks board appointed former SEBI (Securities and Exchange Board of India) whole-time member Rajeev Agarwal as an additional independent director on June 25, 2026.
The board also recommended Justice (Retd.) Dilip Deshmukh, a former Company Law Board chairman, as an independent director, subject to shareholder approval. Smartworks, India’s largest managed office platform by area under management, said the appointments add depth in capital markets, regulation, and governance.
StartupFeed Insight
These appointments show that Smartworks wants regulator-grade oversight less than a year after its public listing. Investors and analysts tracking corporate governance should watch how the refreshed Smartworks board manages related-party deals and its Singapore acquisition. Rajeev Agarwal’s SEBI background and a pending judicial appointment point to tighter disclosure and audit practices ahead. StartupFeed expects Smartworks to formalise Justice (Retd.) Dilip Deshmukh’s appointment at its next shareholder meeting and to announce strengthened board committees before the close of the December 2026 quarter. Cleaner governance signals could matter most when the company next raises capital or seals cross-border deals. By Soumya Verma.
Smartworks Board Appointments: Key Details
The Smartworks board appointments cover one confirmed independent director and one recommended appointee awaiting a shareholder vote.
| Item | Details | Status / Notes |
|---|---|---|
| New independent director | Rajeev Krishnamuralilal Agarwal | Effective June 25, 2026 |
| Recommended director | Justice (Retd.) Dilip Deshmukh | Subject to shareholder approval |
| Agarwal’s profile | Former SEBI whole-time member (2011 to 2016), 1983-batch IRS (Indian Revenue Service) officer | Sits on several listed company boards |
| Deshmukh’s profile | Former chairman, Company Law Board (now NCLT, National Company Law Tribunal); former judge, Chhattisgarh High Court | Over 40 years in judiciary and arbitration |
| Approving body | Board, on Nomination and Remuneration Committee advice | Meeting held June 25, 2026 |
| Strategic rationale | Adds capital markets, regulation, and governance depth | Comes amid India and Singapore expansion |
Exchange disclosures list Agarwal on several listed company boards, which gives the Smartworks board added capital-markets depth. His appointment took effect at once, while Deshmukh’s seat still needs a shareholder vote.
About Smartworks
Smartworks Coworking Spaces Limited is India’s largest managed office platform by area under management. Neetish Sarda founded the company in 2016, and Harsh Binani co-founded it. The Gurugram-based firm leases and fits out large office buildings, then offers managed, flexible workspaces to enterprises. As of March 31, 2026, it ran 66 centres across 15 cities in India and Singapore, serving over 770 clients. Smartworks listed on the BSE and NSE in July 2025.
Why Smartworks Added Ex-SEBI And Judicial Veterans
Smartworks added regulatory and judicial veterans to deepen board oversight as a newly public company.
“Strong governance has always been central to how we have built Smartworks,” said Neetish Sarda, Founder and Managing Director, Smartworks.
The appointments land less than a year after the company’s July 2025 listing. A SEBI veteran on the board of directors can help Smartworks read regulatory signals early and tighten disclosures. That matters as the company pursues cross-border deals like its planned Singapore acquisition.
What Do The Latest Smartworks Numbers Show?
Smartworks returned to quarterly profit in the March 2026 quarter after years of losses. The company reported a consolidated net profit of Rs 16.6 Cr in Q4 FY26 (the quarter ended March 2026), against a loss of Rs 8.3 Cr a year earlier, according to its results. Operating revenue rose +45% YoY (year-on-year) to Rs 519.7 Cr from Rs 358.4 Cr, and +10.1% QoQ (quarter-on-quarter) from Rs 472.1 Cr. Smartworks shares closed at Rs 489.20 on the BSE on June 25, 2026, up 1.76%. The Smartworks board now oversees a business that swung to profit while still expanding.
How Does Smartworks Compare With Coworking Rivals?
Smartworks is India’s largest managed office platform by total area under management, according to its IPO disclosures. It competes with recently listed flexible-workspace players such as Awfis, WeWork India, and IndiQube, plus private rivals like Table Space. Most peers focus on smaller coworking or hybrid formats. Smartworks instead leases and runs large, single-operator campuses for big enterprises. As of March 31, 2026, the company managed about 16.1 million sq ft across 66 centres, serving over 770 clients that include Fortune 500 firms. Its India-plus-Singapore footprint and enterprise focus set it apart from most coworking brands.
What’s Next
Smartworks expects to complete its acquisition of Singapore’s Workstudio Spaces in July 2026, subject to approvals. The deal would expand its Singapore footprint, which recently crossed 50,000 sq ft after a new centre at Manulife Tower. Shareholders will also vote on Justice (Retd.) Dilip Deshmukh’s appointment at an upcoming meeting. Will a regulator-heavy board help Smartworks scale faster across two countries?
Frequently Asked Questions
Last updated: June 30, 2026 at 15:30 IST
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
Written by Soumya Verma. Published: June 30, 2026. Updated: June 30, 2026. Have a tip? Write to us at editorial@startupfeed.in.
