IndiQube

What IndiQube does

IndiQube Spaces Limited is an Indian publicly listed managed workspace provider headquartered in Bengaluru, founded in 2015 by Rishi Das (CEO) and Meghna Agarwal. The company operates a portfolio of coworking and managed office spaces across 17 cities, 130 properties, and 212,000 seats in India as of FY26, with 80% of the portfolio concentrated in the Bengaluru–Hyderabad–Chennai southern corridor and an 88% occupancy rate. IndiQube serves enterprise clients, Global Capability Centres (GCCs), startups, and SMBs, with anchor deals visible across healthcare technology, e-commerce, asset management, and consulting sectors.

The company's core offering combines a "tech-enabled managed workspace platform" with proprietary custom workspace design (e.g., the PocketFM "Creative Studio"), in-house Design & Build capability led by a National Director, integrated building management, and a 20 MW captive solar generation infrastructure in Karnataka with parallel rollouts in Maharashtra and Tamil Nadu. The product surface includes flexible coworking space, dedicated enterprise managed offices (deal sizes from ~700 seats to 1,140+ desks and up to 151,462 sq ft), green-certified sustainable campuses, and value-added services that contributed 15% of FY26 revenue. IndiQube does not expose a public API, SDK, or AI/ML product capabilities based on disclosed source material; the technology stack is operations-focused rather than software-product-focused.

IndiQube's business model is anchored on long-duration recurring rental revenue (5–15 year leases priced per square foot with periodic escalations, typically 15% every three years), supplemented by value-added services. Following its July 2025 IPO that raised Rs 700 crore, IndiQube reported FY26 revenue of Rs 1,469 crore (up 37% YoY), PAT of Rs 125 crore (up 145% YoY), a CRISIL A+ credit rating with stable outlook, and a debt-to-equity ratio of 0.15. The company has a signed expansion pipeline of 3.26 million sq ft / 72,000 seats to be operationalized over 18–24 months and FY26 capex of Rs 350–360 crore, with FY27 topline growth targeted at ~30%.

Name

IndiQube

Legal name

IndiQube Spaces Limited

Website

https://indiqube.com

Company type

Public

Founded year

2015

Operating status

Ipo

Headcount range

501–1,000 employees

Short description

IndiQube Spaces Limited is a Bengaluru-headquartered, publicly listed Indian managed workspace provider operating 130 properties across 17 cities and 212,000 seats, serving enterprise clients, Global Capability Centres, and startups with long-term managed office leases, integrated design-and-build services, and solar-powered sustainable campuses.

Ownership category

akta.pro rank

Product category

Managed Flexible Workspace Services

NAICS

Facilities Support Services (561210), All Other Support Services (561990)

SIC

Services-Facilities Support Management Services (8744)

akta.pro primary industry

End-User Computing Outsourcing (EUC / Desktop Services) (BPAEAMAE)

akta.pro secondary industries

Digital Experience Monitoring & Management (DEX/DEM, AIOps for EUC) (BPAEAIAF), Enterprise Application Lifecycle Management (ALM) Platforms (HDAEAKAJ), Managed Application Platforms (App PaaS & Runtime Services) (HDABAAAD)

Keywords

• Flexible workspace solutions
• Managed office services
• Coworking spaces
• Enterprise workspace leasing
• GCC office solutions

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Managed office rentals (rent-yielding workspace): Primary recurring revenue stream from long-term managed office leases (typically 5–15 year tenures) charged on a per-square-foot monthly basis, with periodic escalations (e.g., 15% every three years). As of December 2025, 6.3 million sq ft was rent-yielding, expanding to 7.8 million sq ft at FY26 year-end.
2. Value-added services: Ancillary services bundled into workspace deals (workspace design, build, fit-out, facility management, IT services), contributing approximately 15% of total revenue in FY26.
3. Capital expenditure-backed growth (asset-light over time): Significant capex deployment (₹180 crore in H1 FY26, ₹350–360 crore estimated for FY26) on new centres, balanced by long-duration enterprise contracts providing recurring revenue visibility and operational leverage as centres mature.

Pricing tiers

Go-to-market motion4 records

Core offering

IndiQube provides tech-enabled managed and flexible workspace solutions across India, operating coworking spaces, dedicated offices, and enterprise-grade managed workplaces for corporations, startups, and Global Capability Centres. The platform spans 17 cities and 130 properties with 212,000 seats as of FY26, supported by an integrated Design & Build capability and sustainability-led solar-powered campuses. Revenue is generated primarily through long-tenure (5-15 year) per-square-foot monthly leases with periodic escalations, complemented by bundled value-added services.

Product overview

IndiQube operates as a platform-plus-modules flexible workspace provider rather than a single unified product. The core offering is the IndiQube Coworking Spaces / Office Space — Flexible Workspace Solutions umbrella, deployed across 17 cities and 130 properties in India (FY26), which is then layered with several specialized sub-products and add-on modules: (1) Managed Workplace Solutions for Enterprises / GCCs, the enterprise-grade offering that delivers large dedicated offices for clients such as the Pune GCC (1,140 desks), the Bengaluru healthcare tech GCC (48,000 sq ft), the Japanese e-commerce firm (35,000 sq ft), and the Chennai SRH Experience Tower (151,462 sq ft); (2) Design and Build Services, an integrated add-on module led by a National Director for custom workspace delivery (e.g., the PocketFM "Creative Studio"); (3) Green / Sustainable Workspaces (Solar-Powered Campuses), a sustainability-differentiated line anchored on a 20 MW solar farm in Karnataka; (4) Value-Added Services, a complementary revenue stream contributing 15% of FY26 revenue; and (5) property-level coworking locations including IndiQube Gachibowli (Hyderabad), IndiQube OMR (Chennai), IndiQube MG Road (Bangalore), IndiQube Domlur (Bangalore), and IndiQube Outer Ring Road (Bangalore), which together form the geographic delivery surface of the platform.

Differentiator

Problem solved

Functional benefit

Products and services

• IndiQube Coworking Spaces / Flexible Workspace Solutions Flexible shared coworking spaces and dedicated offices offered across multiple Indian cities and micro-markets (Bengaluru, Hyderabad, Chennai, Pune, Coimbatore, Bhubaneswar, etc.), targeting enterprises, startups, and small teams seeking plug-and-play office environments. Marketed under city-specific landing pages (e.g., Gachibowli, OMR, MG Road Bangalore, Domlur, Outer Ring Road).
• Managed Workplace Solutions for Enterprises / GCCs End-to-end managed workspace offering for enterprise and Global Capability Centre (GCC) clients, including build-out, fit-out, operations, and facility management. Deployed across 17 cities and 130 properties as of FY26, with large enterprise deals ranging from 700+ to 1,140+ desks across multi-year tenures.
• Design and Build Services Dedicated Design and Build service led by a National Director, providing end-to-end custom workspace engineering, fit-out, and workplace transformation. Supports customized enterprise workspace delivery, including bespoke designs such as the PocketFM "creative studio" collaborative workspace.
• Green / Sustainable Workspaces (Solar-Powered Campuses) Sustainability-led workspace product powered by a 20 MW operational solar farm in Karnataka, with additional solar infrastructure investments across Karnataka, Maharashtra, and Tamil Nadu. Includes green-certified campuses such as retrofitted legacy buildings, used as a commercial differentiator to attract GCC clients, data center operators, and ESG-mandated enterprises.
• Value-Added Services Complementary workplace services bundled into workspace deals (workspace design, build, fit-out, facility management, IT services). Contributing 15% of FY26 revenue.

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Awfis Space Solutions: Direct peer - Awfis is an India-focused flexible and managed workspace operator with a comparable multi-city coworking and enterprise office model, and is also publicly listed on NSE. Most directly comparable public peer for benchmarking occupancy, pricing, and GCC penetration.
• WeWork India: Direct peer - WeWork India operates coworking and flexible office space across major Indian cities with a similar mix of enterprise and SMB clients, competing head-to-head for large GCC and enterprise mandates in Bengaluru, Mumbai, and Hyderabad.
• Smartworks Coworking Spaces: Direct peer - Smartworks is an India-focused managed office and coworking provider targeting enterprise and GCC clients, with comparable large-seat, multi-year enterprise contracts in Bengaluru, Pune, and Hyderabad.
• 91springboard: Direct peer - 91springboard is an Indian coworking operator running flexible workspaces for startups, SMBs, and enterprises, with overlapping product offering in city-specific locations.
• The Cowrks: Direct peer - Cowrks operates premium coworking and managed office spaces across Indian metros, competing in similar micro-markets and customer segments including GCCs and enterprise occupiers.

Broad incumbents

• IWG (International Workplace Group): Broad incumbent - IWG operates the Regus, Spaces, HQ, and Signature brands globally, including in India. It competes with IndiQube in the Indian flex-office market but is a much larger, multi-region operator with broader product breadth.
• RMZ Corp: Broad incumbent - RMZ is a large Indian commercial real estate developer and operator with substantial office portfolios in Bengaluru and other cities where IndiQube operates; competes for enterprise tenants and increasingly flex-office mandates.
• Embassy Office Parks REIT (now part of Blackstone-Embassy platform): Broad incumbent - Embassy Office Parks is one of India's largest office REIT platforms with a Bengaluru-centric portfolio; competes for large enterprise occupiers that IndiQube targets via its managed office offering.
• DLF Limited: Broad incumbent - DLF is one of India's largest commercial real estate developers with significant Grade-A office supply; competes for enterprise tenants and is a feeder of office supply into the same micro-markets IndiQube operates in (and recently was a prior employer of IndiQube's VP of Business Development).

Emerging players

• Knowledge Realty Trust: Emerging player - Knowledge Realty Trust is an India-focused commercial real estate trust/developer whose leaders previously overlapped with IndiQube's business development hires; competes for large enterprise and GCC occupiers in key Indian tech corridors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/indiqube

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IndiQube