Bengaluru-based coworking space provider IndiQube has raised $15 Mn (NR 100 Cr) equity funding in a round led by WestBridge Capital. Ashish Gupta, co-founder of Helion Ventures, also participated in the round.
The startup plans to use the funds to strengthen its execution capabilities and expand aggressively across Bengaluru, Pune, Hyderabad, Chennai, Mumbai, and NCR.
Commenting on the development, Rishi Das, co-founder and chairman, IndiQube, said, “IndiQube embarked on this fabulous journey in 2015 with amazing like-minded people who believed in us and shared our vision of fulfilling the evolving workspace requirements for startups and SMEs across the country. We are now very excited to have WestBridge Crossover Fund, one of the leading PE investors in India, partner with us to help build out this vision for workspaces of the future.”
Founded in 2015, IndiQube manages 25 office spaces located at prime locations, spread over a total of 1.4 Mn sq ft in Bengaluru.
On the investment, Sandeep Singhal, WestBridge Capital, said, “We are very pleased to partner with Mr Rishi Das, Ms Meghna Agarwal, and the management team at IndiQube. Managed smart workspaces are likely to grow rapidly as the large commercial real-estate market in India becomes more service-oriented and we believe that IndiQube, with its strong leadership team and customer focus, is likely to become a leader in the segment.”
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IndiQube focuses on improving the customer experience for its over 14K members to establish itself as a partner in growth for its clientele offering business scalability and agility. Companies like Levi’s, Red Bus, Bluestone, FreshMenu, and Scripbox have their offices in IndiQube’s spaces.
By the end of 2018, the startup plans to cross 2 Mn sq ft of cumulative workspaces across the country.
In the coworking space segment, IndiQube competes with startups such as US-based coworking startup WeWork, BHIVE Workplace, Innov8, 91springboard, and Awfis, among others.
Recently, WeWork opened its Gurugram office and already houses companies like NearBuy, TrueCaller etc.
We also have players like 91springboard, which recently raised an undisclosed amount of funding from Sandway Investment Ltd, Pearl Brook Holdings, AMA Holdings, Silo Holdings, and Al Nour for expanding to existing and new markets.
At present, there are more than 100 coworking spaces in India. Fundings in this space have also undergone a significant increase in recent months. According to a study by real estate consultancy Jones Lang LaSalle (JLL), the coworking industry in India will likely attract more than $400 Mn investments by 2018.
The key drivers of coworking spaces in India are their lower cost, good infrastructure, and networking opportunities. Coworking spaces are being availed of not only by startups but also by professional freelancers, emerging businesses, as well as large corporates.
With the demand for co-working spaces only rising in India, startups like IndiQube have a huge market to address and can look at scaling up their operations and expanding across the country.