Results · Professional & Local Services

IndiQube reports FY22 revenue of Rs 351 crore

By Startup Enthusiast · 10 April 2023

What they do

IndiQube provides managed and coworking office spaces across India

Its FY22 operating income was Rs 351.43 crore, up 19% from the previous year

The company posted a net loss of Rs 18.82 crore, widening 20.6% from FY21

IndiQube reported FY22 operating income of Rs 351.43 crore, a 19% increase from the previous year.
Rental income, which made up 79.3% of total collections, grew 14% to Rs 278.53 crore.
Revenue from electricity, maintenance and allied services rose 45.4% to Rs 72.9 crore.
Total expenditure for the year was Rs 372 crore, up 18.8%.
Rent cost, the largest expense, was Rs 182.88 crore (49.2% of total expense), up 11.1%.
Employee benefits expense increased 21.4% to Rs 30.49 crore.
The company posted a net loss of Rs 18.82 crore, widening 20.6% from Rs 15.6 crore in FY21.
Its EBITDA margin stood at 12.32% and ROCE at 1.60%.

The coworking space market has strengthened post-Covid, with established players expanding.
Smaller domestic players are showing early profits by focusing on minimal services and quick ROI.
Some players take a services-driven approach, almost becoming accelerators for startups.

IndiQube provides flexible workspaces to startups, offshore development centers, and large enterprises across India.
It offers managed office spaces and coworking spaces under brands like IndiQube Grow, DesignQube, IndiQare, IndiQube Eco, MiQube, and IndiQube Circle.
Its target customers include enterprises, startups, Global Capability Centers, and solopreneurs.