IPO · Professional & Local Services

IndiQube files for IPO, plans to raise Rs 1,000-1,500 crore

By Startup Enthusiast · 12 December 2024

What they do

IndiQube provides managed workspaces for startups, offshore development centres, and large enterprises across India

The company converted to a public company and plans an IPO of Rs 1,000-1,500 crore, largely a fresh issue of shares

The IPO comes as other coworking players like Awfis, Smartworks, WeWork India, and Simpliwork also prepare to go public

IndiQube has converted from a private company to a public company and changed its name to Indiqube Spaces Limited.
The company plans an IPO (initial public offering, the first sale of shares to the public) of Rs 1,000-1,500 crore, largely a fresh issue of shares.
The company has raised about $45 million in total funding to date.
Its last private valuation was over $200 million.
In FY24, IndiQube reported revenue of about Rs 840 crore and net profit of Rs 80 crore.
About 80% of its revenue comes from rental income.
WestBridge Capital is the largest external stakeholder with 27.67% of the company.
Co-founders Rishi Das and Meghna Agarwal together hold over 30% of the company.

Awfis debuted on the stock market earlier in 2024, and Smartworks received SEBI approval for its IPO.
Other coworking players reportedly preparing IPOs include WeWork India, Simpliwork, Table Space, and DevX.
The IPO wave signals growing investor interest in the managed office space sector in India.

IndiQube provides workspaces to startups, offshore development centres, and large enterprises across India.
It offers managed office spaces and coworking spaces.
Its platform streamlines business processes from facility bookings to HR management.
Product lines include IndiQube Grow (flexible workspaces), DesignQube (personalised workplaces), IndiQare (a-la-carte services), IndiQube Eco (sustainability), and MiQube (integrated technology suite).
It runs a community called IndiQube Circle for networking and collaboration.
Customer testimonials come from Ronnie Screwvala (UpGrad), Vimal Kumar (Juspay), and Prabhu Ramachandran (Facilio).

WestBridge Capital (existing) — Largest external stakeholder with 27.67% of IndiQube.

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