IndiQube raises over Rs 100 cr in funding

IndiQube, a Bengaluru-based workspace solution provider, on Monday raised $15 million (around Rs 100 crore) in series A round led by WestBridge Capital.

The funding round is also participated by Ashish Gupta, co-founder of Helion Ventures and who serves on the advisory board of the company.

IndiQube, founded by Rishi Das and Meghna Agarwal, is a market leader in the startup hub of Bengaluru with 25 office spaces strategically located at prime locations with over 1.4 Million square feet of workspace.

Das said the company will use the funds to strengthen its execution capabilities and expand in cities like Pune and Hyderabad.

"Our vision is fulfilling the evolving workspace requirements for start–ups and SMEs across the country. We are now very excited to have WestBridge Crossover Fund, one of the leading PE investors in India, partner with us to help build out this vision for work spaces of the future," he said.

Das said the company has over 1.4 million sqare feet workpace and plans to expand to over 2 million saqare feet by the end of 2018. IndiQube's customers include companies like LEVIS, Red Bus, Bluestone, Fresh Menu, No Broker, Lendingkart and others.

"We already have about 15,000 seats operational, which will be increased to 25,000 by the end of the fiscal. By then, we will also expand to Pune and Hyderabad. We are also looking at setting up presence in Mumbai and Chennai," said Das.

Commenting on the funding, WestBridge Capital Co-founder and Managing Director Sandeep Singhal said the company is very pleased to partner with Rishi Das and Meghna Agarwal and the management team at IndiQube.

"Managed smart workspaces are likely to grow rapidly as the large commercial real-estate market in India becomes more service-oriented and we believe that IndiQube, with its strong leadership team and customer focus is likely to become a leader in the segment," said Singhal.

IndiQube Co- Founder Meghna Agarwal said the company is excited to have WestBridge Capital in its growth journey.

"WestBridge brings with it a wealth of experience in many areas including strategy, operations, management recruiting etc. which will be instrumental in realizing IndiQube’s ambition of being recognized as a leading workspace solution provider in India," said Agarwal.

Das said the company is clocking a revenue run rate of Rs 10 crore a month. It is EBIDTA positive (operationally profitable) from day one. "Our revenue this fiscal should be upwards of Rs 100 crore this fiscal," he added.