India's Leap Towards Sustainable & Innovative Workspace Design
- Industry News
- March 13, 2024

IndiQube has emerged as one of India’s premier flexible workspace providers, managing over 8.7 million sq ft across 120 properties in 15 cities. The company’s unique approach focuses on creating accessible, affordable, and highly functional office spaces tailored to diverse client needs, blending technology and service to enhance employee experience and workspace flexibility. This strategy helped IndiQube build a business valued at over INR 1000 crore by prioritising collaboration and customisation.
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IndiQube Spaces Ltd, a leading managed office space operator in India, sees strong leasing demand from Indian corporates and Global Capability Centres (GCCs) despite market apprehensions. The company’s focus on scalable, customised office solutions, robust client base, and expansion strategy positions it well for continued growth.
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India’s rapid shift toward flexible workspaces has ignited intense competition among key providers—IndiQube, Awfis, and Smartworks. As demand surges from startups, SMEs, and large enterprises alike, these brands are racing to expand, streamline offerings, and attract investors, making the sector one of India’s hottest commercial real estate battlegrounds.
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IndiQube made an impressive debut as a listed company by delivering a standout Q1 performance: operating revenue soared to ₹313 crore, up 27% year-on-year, backed by a robust recurring income model. EBITDA almost doubled to ₹65 crore, and net profit surged by 303%, landing at ₹18.5 crore. Under Ind AS, the firm reported a ₹37 crore net loss—a variation largely due to depreciation and lease interest obligations.
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IndiQube Spaces’ ₹700 crore IPO comprising a ₹650 crore fresh issue and ₹50 crore Offer-for-Sale was legally steered by Khaitan & Co, supported by Cyril Amarchand Mangaldas (CAM) and Hogan Lovells. The high-profile transaction reflects surging investor confidence in India’s coworking ecosystem and consolidates Khaitan’s leadership in sectoral IPO advisory.
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As IndiQube Spaces moves toward its public listing, investors are closely examining its ability to generate profits. Although the company has experienced growth and secured significant anchor tenant commitments, it has yet to achieve profitability, leading to doubts about its valuation in a competitive coworking industry.
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