Cube Highways and Infrastructure
Cube Highways and Infrastructure is a Singapore-headquartered toll road operator and investor that owns, operates, and maintains India's largest portfolio of toll roads under BOT, TOT, and HAM concessions with NHAI.
- Company typePrivate
- Founded2014
- HeadquartersSingapore, Singapore
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Cube Highways and Infrastructure does
Cube Highways and Infrastructure Pte. Ltd. is a Singapore-based infrastructure investment platform founded in 2014 by I Squared Capital alongside the International Finance Corporation (IFC), with subsequent capital from ADIA and a Mitsubishi-led Japanese consortium. The company acquires, operates, and maintains toll road concessions in India under three primary structures: Toll Operate Transfer (TOT) bundles auctioned by NHAI, Build Operate Transfer (BOT) toll and annuity concessions, and Hybrid Annuity Model (HAM) projects. Its portfolio comprises 27 highways totaling approximately 8,400 lane-kilometers spread across more than 11 Indian states, with 100% of assets revenue-generating. Cube Highways Trust, the sponsored InvIT, serves as the listed/unlisted vehicle holding these assets, and the group reported FY26 revenue of Rs 4,239 crore (28.17% YoY) and consolidated income of Rs 4,359 crore.
The operating model combines in-house O&M capabilities with proprietary technology. Notable technologies include the RoadAID centralized monitoring platform with mobile field reporting, a 750 sqft state-of-the-art data center with 24x7 toll-plaza video streaming, and specialized pavement management equipment (Falling Weight Deflectometer and Network Survey Vehicle) deployed on a scheduled basis. The company has introduced several first-in-India pavement techniques, including Cold-in-Place Recycling, Hot-in-Place Recycling, Highly Modified Asphalt (HiMA), Stone Matrix Asphalt, and Road Mesh crack prevention, the last of which received a Gold Award under the Innovation Category from MoRTH. The group is backed by AAA/Stable credit ratings from CRISIL, India Ratings, and Icra, and Cube Highways Trust reported its highest-ever annual Distribution Per Unit of Rs 13.77 for FY26.
Cube Highways makes money primarily through toll collection on TOT and BOT assets, fixed semi-annual annuity payments from NHAI on annuity/HAM projects, and InvIT distributions to unitholders. Customers in the B2B sense are NHAI (concession grantor and annuity payer) and infrastructure developers (asset sellers), while end-users are commercial and passenger road users paying regulated tolls. The company's GTM is sales-led: growth comes from competitive bidding for NHAI TOT bundles, negotiated acquisition of operating assets from developers and distressed sellers (IL&FS Transport, HCC Concessions, Reliance Infrastructure, Dilip Buildcon, IVRCL), and selective greenfield HAM development. As of February 2026, unitholders have approved conversion of Cube Highways Trust from a privately-held InvIT to a publicly traded entity, signaling an imminent public listing to broaden access to capital for continued portfolio expansion.
Cube Highways and Infrastructure firmographics
Firmographics- Name
- Cube Highways and Infrastructure
- Legal name
- Cube Highways and Infrastructure Pte. Ltd.
- Website
- https://cubehighways.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Cube Highways and Infrastructure is a Singapore-headquartered toll road operator and investor that owns, operates, and maintains India's largest portfolio of toll roads under BOT, TOT, and HAM concessions with NHAI.
- Ownership category
- akta.pro rank
Cube Highways and Infrastructure industry classification
Industry- Product category
- Toll Road Infrastructure Operations
- NAICS
- Support Activities for Road Transportation (4884), Highway, Street, and Bridge Construction (23731)
- SIC
- Transportation Services (4700)
- akta.pro primary industry
- Managed Services & Operations Outsourcing for Tolling/RUC Programs (TLAJABAL)
- akta.pro secondary industries
- Pavement & Surface Asset Management (Resurfacing, Markings, Pothole Repair) (TLAJAAAD), Highway & Roadway Construction (Highways, Arterials, Streets) (IMAFAEAA), State/Provincial Transportation, Roads & Public Works Administration (BPAIABAK)
Keywords
Where Cube Highways and Infrastructure is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices3 records
Markets served
Cube Highways and Infrastructure business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain
Revenue model
- Toll Road Operations: Operating and collecting tolls on owned highway assets across India. Revenue generated from passenger and commercial vehicle traffic on 27 toll roads totaling 8,400 lane-kilometers.
- InvIT Distributions: Cube Highways Trust generates revenue from toll operations and distributes to unitholders. FY26 revenue reached Rs 4,239 crore with DPU of Rs 13.77.
- Annuity-based Projects: Some projects like APEL and Chenani-Nashri Tunnel operate under annuity model with fixed semi-annual payments from NHAI, providing stable predictable cash flows.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | Toll Operate Transfer (TOT) Model - 30-year concession |
| Subscription | Pay-as-you-go | BOT (Build Operate Transfer) Toll Model |
| Hybrid | Multi-year contract | Hybrid Annuity Model (HAM) |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels3 records
Cube Highways and Infrastructure product offering
Product offeringCore offering
Cube Highways and Infrastructure is a Singapore-based infrastructure investment company that owns, operates, and maintains toll road assets in India under Build-Operate-Transfer (BOT), Toll-Operate-Transfer (TOT), and Hybrid Annuity Model (HAM) concession frameworks with the National Highways Authority of India (NHAI). Its portfolio spans 27 highways covering approximately 8,400 lane-kilometers, with revenue derived from toll collection, government-regulated toll rates, and semi-annual annuity payments. The company also sponsors the Cube Highways Trust (InvIT), which holds the road assets and distributes income to unitholders.
Product overview
Cube Highways is an infrastructure investment platform operating India's largest portfolio of toll roads. The company operates through a multi-pronged model comprising Build-Operate-Transfer (BOT) concessions, Toll-Operate-Transfer (TOT) acquisitions from NHAI, and Hybrid Annuity Model (HAM) projects. The core offering is toll road ownership and operations across 27 highways covering approximately 8,400 lane-kilometers in India. Supporting operations include in-house O&M services utilizing proprietary technology (RoadAID monitoring platform), innovative materials (HiMA, SMA, CIPR), and specialized pavement management systems. The company also sponsors Cube Highways Trust (InvIT), a publicly traded infrastructure investment trust that holds the asset portfolio.
Differentiator
Problem solved
Functional benefit
Products and services
- Toll Road Operations (BOT Model) Build-Operate-Transfer concessions for highway projects where the company operates and collects tolls for a specified period before transferring ownership to the government. Aimed at NHAI and government counterparties.
- Toll Operate Transfer (TOT) Concessions Acquisition and operation of existing government toll roads under 30-year concessions, paying upfront fees to NHAI for the right to operate, maintain, and collect tolls. Aimed at NHAI as concession grantor.
- Highway Operations & Maintenance Services In-house O&M services including pavement maintenance, toll collection management, road safety monitoring, and incident response using proprietary technology and materials. Served for the company's own toll road portfolio.
- RoadAID O&M Monitoring Platform Centralized web and mobile platform enabling real-time reporting and monitoring of O&M activities including pavement defects, incidents, accidents, and asset issues by site teams. Used internally across the company's toll road portfolio.
- Cube Highways Trust (InvIT) Infrastructure Investment Trust holding the company's toll road asset portfolio, generating revenue from toll operations and distributing to unitholders. Aimed at institutional and retail investors.
Quantifiable outcome
- 28.17% revenue growth to Rs 4,239 crore in FY26
- +3 more outcomes
Companies that use Cube Highways and Infrastructure
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Cube Highways and Infrastructure technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature13 records
Cube Highways and Infrastructure partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor and core.
- Gayatri Highways LimitedminorSeller of 49% stake in HKR Roadways Limited to Cube Highways. Transaction extended to September 2026.
- National Highways Authority of India (NHAI)coreGovernment body granting toll road concessions under TOT, BOT, and HAM models. Cube Highways' primary government partner for infrastructure development.
Scale indicators11 records
Recent moves8 records
Expansion highlights6 records
Cube Highways and Infrastructure competitors and assessment
Company assessmentDirect peers
- IRB Infrastructure Developers: India's largest toll road operator by number of projects under the BOT model, directly competing with Cube Highways in NHAI TOT auctions and BOT concessions. Operates a comparable portfolio of highway concessions and competes in the same government bidding processes.
- Macquarie Asset Management (India toll roads): Global infrastructure investor actively bidding for Indian toll road concessions and operating highway assets in India. Competes with Cube Highways in TOT auctions and developer-driven asset acquisitions.
- Reliance Infrastructure (Road division): Indian infrastructure developer that previously owned and sold toll roads to Cube Highways (DA Toll Road, multiple NHAI concessions). Operates comparable BOT toll road assets in India and is both a competitor and supplier of assets to Cube Highways.
- Ashoka Buildcon: Indian highway developer and operator with active toll road concessions across India. Competes with Cube Highways in HAM and BOT bidding and has been a seller of operating toll assets to other infrastructure investors.
- L&T Infrastructure Development Projects: Larsen & Toubro's infrastructure arm operating toll road concessions in India. Competes with Cube Highways in highway concessions and operates comparable road assets under BOT and HAM models.
Broad incumbents
- NHAI (National Highways Authority of India) InvIT: NHAI-sponsored InvIT vehicle that acquires and operates toll roads. As the grantor of Cube Highways' concessions, it operates in the same road infrastructure space and is a direct alternative investment vehicle for Indian highway assets.
- Brookfield Infrastructure: Global infrastructure investor with toll road and highway exposure in India and globally. Competes with Cube Highways for Indian road concessions and operates comparable road infrastructure assets in multiple geographies.
- Atlantia: Italian-listed global toll road operator with comparable toll road concession business model. While primarily European, the business model (long-duration government concessions, toll collection, O&M) is highly comparable to Cube Highways' operations.
- Abertis: Global toll road concession operator headquartered in Spain with highway assets across multiple geographies. Operates under comparable government concession frameworks and provides a benchmark for mature toll road operators with similar long-duration revenue models.
Emerging players
- Atlas Arteria: Listed toll road operator with global highway assets, including a stake in India's Reliance Infrastructure toll road portfolio. Competes with Cube Highways for Indian road assets and operates a comparable toll road concession business model globally.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Cube Highways and Infrastructure social profiles
Digital presenceCube Highways and Infrastructure financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cube Highways and Infrastructure leadership team
Management profileNumber of profiles
Profiles6 records
Cube Highways and Infrastructure subsidiaries and ownership
Company hierarchySubsidiaries23 records
Cube Highways and Infrastructure funding detail
Funding detailFunding overview
Funding rounds2 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cube Highways and Infrastructure M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cube Highways and Infrastructure
What does Cube Highways and Infrastructure do?
Cube Highways and Infrastructure is a Singapore-based infrastructure investment company that owns, operates, and maintains toll road assets in India under Build-Operate-Transfer (BOT), Toll-Operate-Transfer (TOT), and Hybrid Annuity Model (HAM) concession frameworks with the National Highways Authority of India (NHAI). Its portfolio spans 27 highways covering approximately 8,400 lane-kilometers, with revenue derived from toll collection, government-regulated toll rates, and semi-annual annuity payments. The company also sponsors the Cube Highways Trust (InvIT), which holds the road assets and distributes income to unitholders.
Is Cube Highways and Infrastructure a public or private company?
Cube Highways and Infrastructure is a private company. It is classified as private equity controlled and is currently operating.
When was Cube Highways and Infrastructure founded?
Cube Highways and Infrastructure was founded in 2014. It employs 1,001 to 5,000 people.
Where is Cube Highways and Infrastructure based?
Cube Highways and Infrastructure is headquartered in Singapore, Singapore, in the Asia region.
How does Cube Highways and Infrastructure make money?
Three revenue lines are on record. Toll Road Operations are the primary driver. The others are invIT Distributions and annuity-based Projects.
Who are Cube Highways and Infrastructure's main competitors?
Direct peers on record are IRB Infrastructure Developers, Macquarie Asset Management (India toll roads), Reliance Infrastructure (Road division), Ashoka Buildcon and L&T Infrastructure Development Projects. Broad incumbents are NHAI (National Highways Authority of India) InvIT, Brookfield Infrastructure, Atlantia and Abertis. Atlas Arteria is listed as an emerging player.
Does Cube Highways and Infrastructure have an API?
No public API is recorded for Cube Highways and Infrastructure.
What industry is Cube Highways and Infrastructure in?
Cube Highways and Infrastructure's product category is Toll Road Infrastructure Operations. Its primary akta.pro industry code is TLAJABAL, Managed Services & Operations Outsourcing for Tolling/RUC Programs, with a secondary code of TLAJAAAD, Pavement & Surface Asset Management (Resurfacing, Markings, Pothole Repair). Its NAICS code is 4884 and its SIC code is 4700.