IndiQube’s Meghna Agarwal On Scaling 100+ Properties And The Future Of Workspaces

India has solidified its position as the third-largest startup ecosystem globally, with over 160,000 startups and a combined ecosystem worth $650 Bn. Fueled by 120+ unicorns, record-breaking investments, and rapid digital adoption, startups are driving innovation across fintech, SaaS, deeptech, and more.

Beyond valuations, the ecosystem has become a major economic engine, generating 1.6 Mn+ jobs and propelling India toward its $5 Tn economy goal. With strong government backing and a thriving talent pool, India’s startup growth story is only getting stronger.

A recent study has tracked the impact and predicted that the total flexible workspace stock would grow from 62-64 Mn sq ft in 2023 to 124-126 Mn sq ft across tier I cities by the end of 2027. 

Tech startups, which bagged over $12 Bn in funding last year, are significant drivers of office space demand in India, making up most of the 23-28% offtake by tech firms in the top nine cities. Other key sectors driving the demand include banking, financial services, and insurance (BFSI), engineering and manufacturing, and research, consulting and analytics. 

The startups are expected to drive the demand for flexible, scalable, and capital-efficient office solutions by creating approximately 4.7 Mn tech-focussed jobs over the next five years and contributing over $1 Tn to the Indian economy. 

At the centre of this rapid transformation stands IPO-bound IndiQube, a managed workspace provider that aims to redefine how India works. Founded in 2015 by husband-wife duo Meghna Agarwal and Rishi Das, the company has scaled to over 100 properties across 13 cities. 

“We saw first-hand how startups struggled with expansion – every time they grew, they had to move to a bigger office. That’s when we realised there was a huge gap in the market for flexible, scalable workspaces that could evolve with the company’s needs,” IndiQube’s executive director and COO, Agarwal told Inc42. 

What began as a provider of office space solutions has grown into a INR 868 Cr powerhouse, catering to the diverse needs of startups, enterprises, and multinational corporations alike. 

But it hasn’t been a cakewalk, for sure. Agarwal steered the company to navigate some of the toughest challenges, including the Covid-19 pandemic. “Our enterprise-first approach and long-term client leases helped us ride out the pandemic blues, ensuring business continuity for clients,” she said. 

But Agarwal’s journey isn’t just about building a successful business – it’s also about breaking the barriers. In an industry traditionally male-dominated, she is a rarity, holding double-digit equity in a soon-to-go-listed company, and paving the way for more women to lead in the tech revolution.

Ahead of the International Women’s Day on March 8, we caught up with Agarwal for a candid conversation to get an insight into IndiQube’s journey, secure a perspective on the evolving demands in India’s workspace market, and know about her vision for the road ahead. 

From pioneering the hub-and-spoke model in the segment to leveraging AI and automation for smarter workspaces, Agarwal’s perspective as a woman leader offers a unique lens to see the challenges and opportunities in this dynamic sector. 

As the conversation unfolded, she delved into the trends shaping the future of work, the rise of non-tier I cities as startup hubs, and shared how IndiQube was poised to lead the change in creating flexible, sustainable, and tech-enabled workspaces for India’s growing workforce. 

Here are the edited excerpts from the conversation…

Inc42: From inception to scaling across 100+ properties in 13 cities, how has IndiQube’s journey unfolded, and what have been the key inflection points along the way?

Meghna Agarwal: IndiQube’s journey began with a simple yet profound insight. One of our group companies faced the recurring challenge of relocating offices every time it expanded its workforce. To address this, we leased a large office space in Bengaluru and sublet the excess space to other clients. 

As these tenants began requesting additional amenities, we spotted a significant gap in the market – the need for accessible, affordable workspace solutions that could enhance the employee experience. This realisation led to the birth of IndiQube in 2015. 

By FY18, we received a major boost with investment from WestBridge and Ashish Gupta, an angel investor. These strategic partnerships validated our business model and brought in invaluable industry expertise. 

In 2021, we took a bold step by expanding into non-tier 1 cities, starting with Coimbatore, marking a significant shift to tap into emerging markets. Today, we operate in 13 cities across India, managing 103 properties and 7.76 Mn sq ft of workspace. Our mission has always been to provide accessible, holistic, personalised, and sustainable workspace solutions. 

Inc42: Over the past decade, the concept of ‘workspace as a service’ has evolved significantly. How has IndiQube adapted to these shifts, and what differentiates your approach from conventional models?

Meghna Agarwal: When the concept of coworking came, it primarily targeted startups. As the market evolved, we noticed a growing demand for customised workspaces with flexible terms, which led to the origin of the ‘managed office’ concept between 2017 and 2019.

At IndiQube, we’ve always focussed on an enterprise-first strategy, catering to companies with larger office space requirements. While workspace leasing remained our core revenue stream, we expanded our offerings to include value-added services such as interior design and build, facility management, food, transport, and technology solutions. 

By integrating design, management, and technology into a location-agnostic platform, we tried to redefine the workspace journey. 

Inc42: Post-pandemic, how have workspace preferences changed among domestic and multinational companies, and what are the key trends shaping office space demand today?

Meghna Agarwal: The pandemic was a turning point for the workspace industry. One of the most significant trends we’ve observed is the growing relevance of non-tier 1 cities. Companies are increasingly setting up satellite offices in these locations, driven by cost-effective real estate and the availability of a talented workforce. 

In FY22, we noticed a shift in employee preferences, with many opting to work closer to their hometowns. This led us to adopt a ‘follow the talent’ approach, spreading our wings across cities like Coimbatore, Kochi, Jaipur, Madurai, Calicut, and Vijayawada.

Another key trend is the rising demand for certified green buildings. A recent report shows 60 percent of occupiers now prioritise ESG compliance and sustainability certifications. At IndiQube, we’ve embraced this shift by incorporating initiatives like rooftop solar plants, sewage treatment plants, rainwater harvesting systems, and energy-saving equipment. Over 25% of our operational area has received certifications from the Indian Green Building Council and Leadership in Energy and Environmental Design. 

We’ve also positioned ourselves as ‘workplace transformation’ partners, collaborating with landlords to renovate and upgrade aging properties. Nearly 88% of our leased properties are non-institutional assets, and with a close collaboration with landlords, we are transforming these spaces into modern, sustainable workplaces. 

Inc42: The Indian startup ecosystem is expanding beyond traditional hubs. Are there any unexpected locations emerging as significant startup and office clusters, and what factors are driving this trend?

Meghna Agarwal: With over 160K recognised startups generating 1.6 Mn direct jobs, the whole startup ecosystem is booming. What’s particularly exciting is the rise of non-tier 1 cities as emerging hubs. More than 45% of recognised startups are now based in these cities, driven by innovation in sectors like edtech, healthtech, and fintech, supported by government initiatives. 

There is an obvious surge in demand for high-quality office spaces in those cities. This trend, as I said earlier, is fuelled by the availability of talent, lower operational costs, and a growing entrepreneurial spirit. We’ve been quick to recognise this shift and expanded our presence accordingly. 

From an industry perspective, the next few years will be transformative for us. With emerging technologies expected to create 4.7 Mn tech-focussed jobs across sectors like manufacturing, retail, education, finance, and insurance, the demand for modern, collaborative work environments will only grow. 

Inc42: How has your perspective shaped IndiQube’s approach to designing workspaces that foster inclusivity, diversity, and equity for startup teams?

Meghna Agarwal: I strongly believe that women have a transformative role to play in the real estate industry. Their influence spans across every facet of the sector — from architects and designers who shape the physical spaces we inhabit, to professionals driving community engagement and building meaningful customer relationships. 

Women are excelling in business development, market research, and facility management, bringing a unique blend of creativity, empathy, and strategic thinking to the table. 

Their ability to balance practicality with innovation is reshaping how we think about spaces, making them more inclusive, functional, and future-ready.

Inc42: In your leadership journey, what challenges have you faced as a woman entrepreneur in the real estate and workspace industry, and how have you navigated them?

Meghna Agarwal: One of the challenging moments was during the COVID-19 lockdown. There was a looming uncertainty with a narrative getting built that ‘offices’ would no longer be needed and work-from-home would be the new norm. While we were confident that this was a short-term blip, we were concerned about the narrative and its impact. It was a feeling mixed with shock, disbelief and uncertainty over what comes next.

To navigate this tough moment, I had to block out the noise, stay true to our vision, and keep moving forward. Post Covid-19, we strategically expanded our offerings to non-tier I cities that have increasingly become relevant for companies to set up their satellite offices.

I think one of the most powerful tools that helped me navigate challenging times has been building a supportive ecosystem. At home, having a family that believes in me unconditionally has been my anchor. Their encouragement reminds me that my worth isn’t tied to my achievements or setbacks. 

At work, I surround myself with people, who are loyal and can be confided upon. Whether it’s cofounders, mentors or team members, having a network that celebrates your wins and stands by you through your lows is always invaluable. 

Inc42: You mentioned emerging technologies. How do you see AI and automation impacting the design and functionality of workspaces in the near future?

Meghna Agarwal: AI and automation are set to revolutionise the workspace experience. At IndiQube, we’ve developed a comprehensive technology stack to be interconnected, serving clients, their employees, and our frontline facility management teams. Our core platform, MiQube, empowers organisations to manage, operate, and optimise their office spaces with ease. 

From booking meeting rooms and managing visitor access to tracking desk utilisation and enhancing employee engagement, our technology solutions are designed to streamline operations and improve efficiency. 

Looking ahead, we aim to expand our reach beyond the workspace solutions ecosystem by offering SaaS products to landlords and property managers, helping them reduce operating costs and unlock new revenue opportunities. 

Inc42: Women’s representation in leadership roles across industries remains a work in progress. What steps can businesses take to ensure more women rise to decision-making positions, and how are you (as an individual) and IndiQube (as an organisation) contributing to this shift?

Meghna Agarwal: I think in today’s world promoting gender diversity is no longer necessary. We have women who are equally capable, have the right set of skills and are passionate about what they do. 

We just need to create a conducive environment that enables these women to thrive; equip them with an ecosystem to balance personal and professional priorities; embrace pay parity; and foster a support system of mentors, peers, and allies.  

Female participation at IndiQube has fostered a more collaborative, empathetic, and inclusive environment where everyone feels valued and empowered to contribute. Women leaders and team members have brought a unique perspective to problem-solving and decision-making, which contributes to our ability to innovate and adapt to changing market dynamics.