Mumbai, Nov. 24 -- The agency has also affirmed the company's short term rating at 'CARE A1'.

CARE Ratings stated that the ratings assigned to bank facilities of Smartworks Coworking Spaces (SCSL) derive strength from continued improvement in scale of operations over the years through improving space under management and healthy occupancy levels.

CARE Ratings also notes SCSL's listing on BSE and NSE from 17 July 2025, post a successful initial public offer (IPO), which subsequently improved SCSL's financial risk profile leading to improved capital structure and debt coverage indicators.

CareEdge Ratings also notes that a major portion of IPO funds are to be utilised for future expansion.

The ratings also consider the company's strong ...