Results · Professional & Local Services

IndiQube posts profit in FY23, revenue up 69%

By Startup Enthusiast · 17 November 2023

What they do

IndiQube provides flexible workspaces to startups, offshore centres, and large enterprises across India

In FY23, its revenue rose 69% to Rs 592 Cr and it turned profitable with Rs 21 Cr profit

The company's EBITDA margin improved to 15% from 12%, showing better performance than global peers like WeWork

IndiQube reported its financial results for the fiscal year ending March 2023 (FY23).
Revenue from operations grew 69% to Rs 592 crore from Rs 351 crore in FY22.
The company turned profitable with a net profit of Rs 21 crore, compared to a Rs 19 crore loss in FY22.
Rental income, which makes up 80% of total collections, rose 70% to Rs 474 crore.
Total expenditure increased 54.6% to Rs 575 crore, with rent and lease costs accounting for 49%.
EBITDA margin improved to 15% from 12% in FY22.
Return on capital employed (ROCE) stood at 6%, up from 1% in FY22.

Indian coworking spaces generally show better financial performance than global counterparts like WeWork.
IndiQube's expense per rupee of operating revenue fell to Rs 0.97 from Rs 1.06, indicating improved efficiency.
The company has raised a total of $45 million across rounds and is valued at $145 million.

IndiQube provides flexible workspaces to startups, offshore development centres, and large enterprises across India.
Its product lines include IndiQube Grow (flexible workspaces), DesignQube (design & build), IndiQare (a-la-carte services), IndiQube Eco (sustainability), and MiQube (integrated tech suite).
The company is headquartered in Bengaluru and calls itself 'The Workplace Co.'