IndiQube DRHP: A Look At The Shareholding Pattern & Key Leaders

Managed office space provider IndiQube Spaces filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) on December 24 (Thursday). 

It plans to raise INR 850 Cr through its public issue which will comprise a fresh issue of shares worth up to INR 750 Cr and an offer for sale (OFS) amounting to INR 100 Cr. 

The company is planning to use INR 462.6 Cr from the fresh issue to set up new centres. Funds worth INR 100 Cr will be utilised to repay certain borrowings and the remaining amount for corporate purposes.

In the OFS, promoters and cofounders, Rishi Das and Meghna Agarwal, will be selling some of their shares via the OFS. 

IndiQube’s net loss widened 72% to INR 341.51 Cr in FY24 from INR 198.11 Cr in the previous fiscal year. The company’s top line during the fiscal year under review improved 44% to INR 867.66 Cr from INR 601.28 Cr in FY23. 

The company also disclosed its financial performance for the first quarter ending June 30 of financial year 2024-25 (Q1 FY25). In the quarter under consideration, IndiQube’s loss after tax stood at INR 42.04 Cr on an operating revenue of INR 251.30 Cr. 

It said in a statement that its EBITDA stood at INR 263.4 Cr in FY24 and INR 153 Cr in the first quarter of FY25.

Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube is a managed office space provider that offers ‘office in a box’ experience to clients, encompassing workspace design, interior build out and a plethora of B2B & B2C services leveraging technology.

It claims to manage a portfolio of 103 centres across 13 cities, covering 7.76 Mn sq ft of area under management (AUM) in built-up area with a total seating capacity of 1.72 Lakh as of June 30, 2024. 

Some of its clients include Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, and Moglix, among others. 

It counts the likes of WestBridge Capital and Helion Ventures’ Ashish Gupta amongst its investors. 

With its listing, the startup will join the list of startups in the coworking space that are either listed or are gearing up for listing soon. In the year so far, Awfis made its public debut in May while other coworking startups like Smartworks and DevX are gearing up for listing. 

Besides, the likes of Innov8, 91springboard, Spring House, Incuspaze and COWRKS are also looking to go for an IPO soon.

IndiQube’s 589 page IPO document also shed light on its shareholding pattern and the leadership group.  

Decoding IndiQube’s Cap Table 

Anshuman Das, one of the promoters of IndiQube, is the largest shareholder with a 25.15% stake in the company on a fully diluted basis.

Fellow promoters Rishi Das and Meghna Agarwal each own an 18.84% stake in the company.

WestBridge’s subsidiary, Aravali Investment Holdings, owns 22.07%, while WestBridge AIF I holds an additional 5.8%.

Meanwhile, recruitment and talent acquisition firms Careernet Technologies Private Limited and Hirepro Consulting Private Limited hold 5.15% and 2.15% stake, respectively.

Board Members 

Rishi Das

Rishi Das is the chairman, executive director, and chief executive officer of IndiQube. He holds a bachelor’s degree in electrical engineering from the University of Roorkee. Das has over nine years of experience in the co-working space industry and has been associated with IndiQube since its inception. 

Prior to IndiQube, he co-founded Careernet Technologies Private Limited, Hirepro Consulting Private Limited, Innoprop Spaces Private Limited, and Hirepro Technologies Private Limited.

Besides IndiQube, Rishi Das is also on the board of Careernet Technologies Private Limited, Hirepro Consulting Private Limited, Innoprop Spaces Private Limited, and Hirepro Technologies Private Limited.

Meghna Agarwal

Meghna Agarwal is the chief operating officer and executive director of IndiQube. She holds a postgraduate diploma in executive management from the Institute of Management Technology, Ghaziabad, and is a certified company secretary. Agarwal has over six years of experience in the co-working space industry and has been associated with IndiQube since 2018. She has previously worked as vice president at Careernet Technologies Private Limited and co-founded Ultrafines Minerals.

Besides IndiQube, Meghna Agarwal is also on the board of Innoprop Spaces Private Limited.

Anshuman Das

Anshuman Das is a non-executive director of IndiQube. He holds a bachelor’s degree in textile technology from the Indian Institute of Technology, Delhi. Das has over nine years of experience in the co-working space industry and has been associated with IndiQube since its inception. He also co-founded Careernet Technologies Private Limited, Hirepro Consulting Private Limited, Innoprop Spaces Private Limited, and Hirepro Technologies Private Limited.

Sandeep Singhal

Sandeep Singhal is a non-executive nominee director of IndiQube. He holds a bachelor’s degree in chemical engineering from the Indian Institute of Technology, Delhi, a master’s degree in chemical engineering from the University of Illinois, and a postgraduate diploma in management from the Indian Institute of Management, Ahmedabad. Singhal has over 20 years of experience in investment advisory and is the co-founder of WestBridge Capital.

Besides IndiQube, Sandeep Singhal is also on the board of Wealth India Financial Services Private Limited, KPN Farm Fresh Private Limited, Ebo Mart Private Limited, Leadership Boulevard Private Limited, and Vini Cosmetics Private Limited

Avalur Gopalaratnam Muralikrishnan

Avalur Gopalaratnam Muralikrishnan is an independent director of IndiQube. He holds a bachelor’s degree in science from the University of Madras and is a certified chartered accountant. Muralikrishnan has over 35 years of experience in the finance industry and has previously served as the chief executive officer at Vistra Corporate Services (India) Private Limited and chief financial officer at Aztec Software and Technology Services Limited.

Rahul Matthan

Rahul Matthan is an independent director of IndiQube. He holds a bachelor’s degree in arts and law from the National Law School of India University, Bengaluru. Matthan has over 30 years of experience in the legal industry and is a partner at Trilegal. He has received numerous recognitions for his expertise in technology, media, and telecommunications law.

Naveen Tewari

Naveen Tewari is an independent director of IndiQube. He holds a bachelor’s degree in mechanical engineering from the Indian Institute of Technology, Kanpur, and a master’s degree in general management from Harvard Business School. Tewari is the founder and chief executive officer of the InMobi Group and has held diverse management positions in his career.

Sachi Krishana

Sachi Krishana is an independent director of IndiQube. She holds a master’s degree in personnel management and industrial relations from the Tata Institute of Social Sciences. Krishana has over 20 years of experience in human resources and has previously worked with Amazon Web Services India Private Limited as human resources director, Wipro Limited as a general manager, and PricewaterhouseCoopers Private Limited as a consultant.

Key Leaders At IndiQube

Pawan J Jain 

Pawan J Jain is the chief financial officer (CFO) at IndiQube Spaces. He has been associated with the company since 2019. Jain is a chartered accountant (CA) who previously held senior roles at Twenty Fourteen Hotels India, Vikram Logistic and Maritime Services Private Limited and Coast Liners Private Limited. 

Pranav AK 

Pranav AK is the company secretary (CS) and compliance officer of IndiQube Spaces. He joined the company last month on November 15. Previously, he held roles in organisations such as Malabar Group, Seinsa Autofren India Private Limited, JM and Associates and VVS and Associates.

Deepak Dadhich

Deepak Dadhich is the chief business officer (CBO) of IndiQube. He has been associated with the company since 2017 when he joined as the senior vice president. Prior to joining IndiQube, he has held roles at Hirepro Consulting, Infosys Limited and Hindalco Industries Limited. 

Vishal Mathad

Vishal Mathad is the vice president of the supply acquisition team of IndiQube. He joined the company in 2017 as the general manager of our supply acquisition team. Mathad has previously served at Careernet Technologies and Lattice Networks. 

Vikas Kumar Agrawal

Vikas Kumar Agrawal is the general manager of the finance team of IndiQube Spaces. He has been associated with the company since 2017 when he joined as the senior manager of the finance team. Prior to joining IndiQube, he held roles at Hirepro Consulting and Sri Prakash & Co.

Dinesh Jayaraj

Dinesh Jayaraj is the assistant general manager of the workspace planning team IndiQube. He joined IndiQube in 2019 as the senior manager of the workspace planning team. Earlier, he had served at RSP Design Consultants (India) Private Limited. 

Bhavna Srivastava 

Bhavna Srivastava is an assistant general manager of the workspace planning team of IndiQube. She joined the company in 2018 as the senior manager of the workspace planning team. Previously, she was associated with Ireo Residences Company Private Limited and RSP Design Consultants (India) Private Limited.

Ajay A 

Ajay A is a general manager of the projects team of IndiQube. He has been associated with the company since 2017. Prior to joining IndiQube, he was associated with SM6. He holds a bachelors’ degree in civil engineering from Visveswaraiah Technological University, Belgaum and a masters’ degree in business administration from Bangalore University

Abhishek Chaudhary 

Abhishek Chaudhary is a general manager of the projects team of IndiQube. He has been associated with the company since 2017. Chaudhary has a bachelors degree in electronics and instrumentation from Kurukshetra University, Kurukshetra. Previously, he was associated with Synefra Infrastructure Private Limited, NorthStar Elements as an assistant manager of projects, and Platz Infrastructure Private Limited. 

Vamsi Krishna Chatrathi

Vamsi Krishna Chatrathi is an assistant vice president (AVP) of the marketing team of IndiQube. He has been associated with the company since 2019. Chatrarthi holds a postgraduate diploma in management from the Indian Institute of Management (IIM), Calcutta. He has served at multiple organisations before joining IndiQube such as BTI Payments as an assistant vice president of its marketing team, Bharti Airtel Limited as a manager in marketing. He was also associated with Deloitte as a business technology analyst.

Ramit Rajinder Bhardwaj

Ramit Rajinder Bhardwaj is the chief technology officer of IndiQube. He has been associated with the company since 2020. Prior to joining IndiQube, Bhardwaj has served at Nuance India Private Limited as a senior principal java architect and Opus Software Solutions Private Limited as an architect. Earlier he has also worked at SICAD Inc, Avaya India Private Limited, and GlobalLogic India Private Limited. Bhardwaj was also on the board of directors of Zebibyte Systems Private Limited.

 Anshul Mathur

Anshul Mathur is a general manager of the business development team of IndiQube. He has been associated with the company since 2016. He holds a post graduate degree in management from the IILM Institute for higher education. Previously, he was associated with Ashok Kumar Mathur Security Agency as a business development officer, and BPTP Limited as a senior executive in marketing. 

Venkatesh Kumar M

Venkatesh Kumar M is a vice president of the business development team of IndiQube. He has been associated with the company since 2018. He holds a bachelors’ degree in mechanical engineering from the Annamalai University, Tamil Nadu. Prior to joining IndiQube, he was associated with South Lands Venture as a partner. 

Priyanth Dhanaraj K

Priyanth Dhanaraj K is the general manager of the business development team of IndiQube. He has been associated with the company since January this year. Prior to joining IndiQube, Dhanaraj K was sales manager – GAM South at Mountain Trail Foods. He had also worked at Vestian Global Workplace Services Private Limited, TTK Property Services Private Limited, Idea and ICICI Lombard General Insurance.