IPO-Bound IndiQube Turns Into A Public Ltd Company

Bengaluru-based coworking space provider IndiQube has turned into a public limited company from a private limited company, as the startup prepares for its initial public offering (IPO).

According to its regulatory filings, the startup’s board approved a resolution to change the name to “IndiQube Spaces Limited” from “IndiQube Spaces Private Limited”. 

The development was first reported by Entrackr. 

Earlier this year, Inc42 exclusively reported that the coworking startup was looking to raise INR 1,000 Cr – INR 1,500 Cr (about $120-$180 Mn) from its initial public offering (IPO). 

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

Additionally, it has also appointed Sandeep Singhal, cofounder and managing director of WestBridge Capital, as a nominee director on its board. 

The startup counts WestBridge Capital, Helion Ventures’ Ashish Gupta, and Aravali Investment Holdings among its backers. 

Notably, IndiQube turned profitable in FY23. It posted a net profit of INR 20.63 Cr during the year as against a loss of INR 18.82 Cr in FY22. Operating revenue grew 69% to INR 592.41 Cr from INR 351.43 Cr in the previous fiscal year. 

Meanwhile, the startup is eyeing a net profit of INR 100 Cr in the ongoing financial year (FY25).

The development comes at a time when the coworking sector in India is seeing an IPO boom. While Awfis made its public market debut this year, Smartworks and DevX are also in line for public listing. 

Notably, WeWork’s India arm is also eyeing an IPO to raise between INR 3,153 to INR 3,874 Cr in the first half of 2025. 

Further, Table Space is also looking to go public next year at a valuation of $2.5 Bn, for which the company has reportedly hired Axis Capital as the bookrunner for the public offer.