India’s Flexible Workspace Boom: Smartworks, IndiQube, and WeWork India Race Ahead Amid Soaring Demand

India’s Flexible Office Revolution Gains Speed

India has become the fastest-growing office market globally, and nowhere is that more visible than in the flexible workspace segment. From just 8% in FY18, the managed office model now represents 30% of total office stock, with projections indicating further growth driven by hybrid work, outsourcing, and enterprise-grade demand. Flexible workspaces already contribute around 20% of India’s total office demand, and that share is only expected to rise.

Three companies—Smartworks, IndiQube, and WeWork India—are leading the charge, each adopting unique business models, expanding aggressively, and posting strong financials in FY26 Q1.

Smartworks: Scaling with Enterprise Precision

Smartworks, the largest managed office provider by area (12 million sq. ft.), focuses on end-to-end managed campuses for Indian and global enterprises. With 56 centres across 15 cities, it has operationalised 8.3 million sq. ft., serving 190,000 seats at 83% occupancy. The company plans to add 2.5–3 million sq. ft. annually, targeting 275,000 seats within five quarters.

Financially, Smartworks grew revenue by 21% YoY to ₹3.8 billion, with 94% from annuity-based leases. Normalised EBITDA jumped 109% to ₹607 million, and net losses narrowed sharply. RoCE doubled to 13% and is expected to double again in two years. “Operating leverage is driving margins higher,” the company noted in its investor presentation, with EBITDA margin now at 16%.

IndiQube: Bengaluru’s Giant Goes Pan-India

IndiQube holds a 21% share in Bengaluru’s coworking market but is rapidly diversifying. Bengaluru’s contribution to its portfolio has dropped from 90% to 65% as it expanded across 15 cities. Its 120 centres span 8.7 million sq. ft. and serve 193,000 seats with 85% occupancy. Large clients (300+ seats) make up 64% of this.

Its four-pronged solution—GROW (plug-and-play), BESPOKE (interiors), ONE (management services), and MIQUBE (tech)—enables full-stack offerings. Revenue rose 27% YoY to ₹3.1 billion in Q1FY26, with 98% coming from recurring income. EBITDA rose 98% to ₹650 million, with margins expanding to 21%. PAT soared 303% to ₹185 million, while RoE jumped 1900 bps to 27%.

With 2.2 million sq. ft. of headroom ready to be activated in the next 6–12 months, IndiQube expects to maintain its 30% revenue growth trajectory and strong profitability.

WeWork India: Playing the Direct Lease Game

Backed by Embassy Group, WeWork India operates 68 centres with 121,700 desks, of which 114,100 are functional and 76.5% occupied. Uniquely, 60 of these centres are under a direct lease model—offering scale and control. Bengaluru and Mumbai together contribute 82% of revenue.

The company serves over 2,200 clients, including Amazon, JPMorgan, Uber, and Dyson. Enterprise accounts generate 76.5% of revenue. Revenue rose 19.3% YoY to ₹5.3 billion, with membership fees accounting for nearly 87%. EBITDA hit ₹3.3 billion, while net loss halved to ₹141 million. While high depreciation and financial costs weigh on net profits, cash flow remains robust.

To maintain momentum, WeWork is focusing on optimising pricing, cross-selling ancillary services, and controlling corporate costs. Its goal: higher profitability and diversified revenue streams.

Valuation Snapshot: Who’s Winning Investor Confidence?

In terms of valuation (EV/EBITDA), WeWork trades at the lowest at 6.8x, followed by Smartworks at 11.3x and IndiQube at 13.4x—both above the industry median of 10.9x. This suggests that investors are pricing in strong earnings growth and market expansion, particularly for IndiQube, which has already turned profitable.

As India’s office market undergoes a structural shift, these coworking giants are redefining what the workplace means—turning it from a fixed asset into a flexible, high-performance experience tailored for scale, efficiency, and collaboration.