Zepto Appoints Smartworks to Manage New Bengaluru HQ Amid IPO Plans
As part of its relocation from Mumbai to Bengaluru, quick commerce unicorn Zepto has reportedly partnered with coworking firm Smartworks to manage its new headquarters in the city’s startup hub.
According to a Livemint report, Zepto evaluated options including WeWork India, IndiQube, and Awfis before finalizing Smartworks for the contract. The coworking startup will be responsible for designing, building, operating, and managing the new office, which is being developed on the site of the former Total Mall in Sarjapur.
Additionally, Smartworks will manage a Zepto dark store (warehouse) located on the building’s ground floor.
Zepto is expected to shift into the new premises by April. Sources indicate the agreement includes a five-year management contract with a two-year lock-in period. The Sarjapur location places Zepto in proximity to major companies such as Walmart, Adobe, Swiggy, and Flipkart.
Backed by over $1 billion in funding raised in the past year, Zepto reportedly plans to double its headcount from 2,000 employees, with the new office capable of accommodating 3,500 to 4,000 seats.
The partnership with Zepto is also a strategic win for Smartworks, as it bolsters its managed workspace portfolio and strengthens its revenue base ahead of its own initial public offering (IPO). In December 2024, Smartworks secured approval from the Securities and Exchange Board of India (SEBI) for a ₹550 Cr IPO, consisting of a fresh issue and an offer-for-sale component of 67.59 lakh shares.
Meanwhile, Zepto is also preparing for a potential public listing. In January 2025, it established a new entity as part of a pivot from a B2B2C to a marketplace model. The company has reportedly received approvals from Singaporean regulators to shift its base to India in anticipation of the IPO.
Zepto is in talks with leading investment banks including Morgan Stanley and Goldman Sachs and is expected to file its draft red herring prospectus (DRHP) soon. The company aims to raise $450 million through a fresh issue of shares and is eyeing a listing on Indian stock exchanges by August 2025.
