NEWS
IN-DEPTH
STARTUPS
NEWSLETTERS
PODCAST
INDUSTRY
INDUSTRY

Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
- Fintech
- Travel Tech
- Electric Vehicle
- Health Tech
- Edtech
- IT
- Logistics
- Retail
- Ecommerce
- Startup Ecosystem
- Enterprise Tech
- Clean Tech
- Consumer Internet
- Agritech
MORE
MORE ON INC42

Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
INDIA’S D2C ECONOMY

NEWS
IN-DEPTH
STARTUPS
NEWSLETTERS
PODCAST
INDUSTRY
MORE
INDIA’S D2C ECONOMY

How IndiQube Built An INR 1,000 Cr + Coworking Business Keeping The Collaboration Vibe At The Core

How IndiQube Built An INR 1,000 Cr + Coworking Business Keeping The Collaboration Vibe At The Core

23 Sep'25 | By Team Inc42

3 YEAR PLAN

₹29999

₹7999

₹222/Month

UNLOCK 73% OFF

Become a member

Cancel Anytime

2 YEAR PLAN

₹19999

₹5999

₹249/Month

UNLOCK 70% OFF

Become a member

Cancel Anytime

1 YEAR PLAN

₹9999

₹3499

₹291/Month

UNLOCK 65% OFF

Become a member

Cancel Anytime

Become a member ₹ 7999

Cancel Anytime

India’s office real estate sector is in the middle of a historic upswing, driven by the dual forces of rising demand and the meteoric evolution of flexible workspaces. According to CBRE, India’s flexible workspace stock has grown from more than 35 MSF (million square fit) in 2020 to over 88 MSF in Q1 CY 2025 across the top nine Tier I cities. This sharp scale-up reflects a rare resurgence in coworking, fuelled by demand for scalable office solutions and escalating rental prices. Enhanced by domestic growth, improved mobility and increased leasing activity by both domestic and global corporates, the office sector in India witnessed record leasing of 78.9 MSF during CY 2024.

A demand spike pushed office rents above pre-pandemic levels. A report from Colliers said Delhi NCR and Pune saw the steepest rise in rental prices, climbing 8% compared to 2019 levels. Meanwhile, Mumbai and Chennai recorded more moderate increases of 5-6%. Notably, Pune and Hyderabad returned to pre-Covid rental levels as early as 2022, while Bengaluru and Chennai followed suit in 2023.

Given the surge in office rentals and a dip in the pan-India vacancy rate — from 17.7% in 2023 to 15.7% in 2024 — companies increasingly turned to scalable and cost-efficient coworking solutions. These facilities further ensure high-end amenities, green environments and well-managed office spaces tailored for enhanced employee experience while exuding a sense of collaboration, community and camaraderie. Adoption is widespread among India’s 1.61 Lakh-strong startup ecosystem, MNCs setting up regional hubs, global capability centres (GCCs) and traditional companies embracing distributed work models.

The momentum is evident. Coworking space providers contributed 13 MSF to office leasing demand in 2024 compared to an average of 10 MSF over the previous three years, clocking 30% growth. Better still, the sector is in the midst of an IPO boom. After Awfis listed on the bourses in May 2024, other flexible workspace operators also made their market debut, with Smartworks and IndiQube already trading publicly. Dev Accelerator recently made a market debut. Meanwhile, WeWork India, though not yet listed, has received SEBI’s approval for its initial public offering (IPO).

Set up in 2015 by serial entrepreneur Rishi Das and spouse Meghna Agarwal, Bengaluru-based IndiQube manages 8.70 MSF across 120 Facilities in 15 Cities. It clocked over INR 1,000 Cr in revenue in FY25 and made its listing for an IPO of 700 Cr which comprises a fresh issue of INR 650 Cr and an INR 50 Cr offer for sale (OFS) by promoters Rishi Das and Meghna Agarwal. These are laudable achievements, but what sets Rishi Das apart is his ability to identify opportunities even before they become mainstream.

Here is a case in point. During India’s IT boom in the early 2000s, he and his brother Anshuman ran CareerNet, a tech-driven recruitment firm building talent pipelines for the rapidly expanding sector. As the business grew, one challenge became evident. The office space and supporting infrastructure could not keep pace.

“Every two years, we were changing offices, as we were growing too fast,” said Das.

By 2013, this constant change became untenable. The team decided to lease a 100,000 sq. ft space in Bengaluru, using half the space for CareerNet and subletting the rest to its clientele.

What began as a practical solution to space constraints quickly revealed a larger opportunity. The companies moving into the shared workspace soon wanted more than just desks. They sought access to boardrooms, cafeterias and transportation services.

In a fireside chat with Vaibhav Vardhan, cofounder and CEO of Inc42, Das discussed his journey from a founder’s workspace dilemma to building a versatile managed workspace business. He emphasised how technology streamlined daily operations and underscored the impact of ‘green’ initiatives across a sector often viewed as real estate holdings in a glutted office space market. The conversation also dwelt on IndiQube’s strategic expansion into Tier-II markets to ‘follow the talent’ and the strong ethical foundation on which businesses must be built even when a single family runs them.

From Campus To CareerNet Via A Corporate Detour

According to Das, his entrepreneurial journey started at IIT Roorkee, where he experimented with a floriculture business and founded the Science Entrepreneurship Club. After his B.E., a short stint at Tata Infotech followed, but it was clear he was not cut out for a corporate career. So, he jointly set up CareerNet in 1999, which today has emerged as a key player in India’s hiring ecosystem.

Reflecting on his early years at Roorkee (Uttar Pradesh), Das said those were tough times and unpredictable, but “the hardships taught me life skills that still come in handy, especially during a crisis. I need that resilience to navigate India’s startup ecosystem.”

A Family Running Multiple Businesses, With Good Corporate Governance At Core

Das drew an important distinction when asked about working with family members across two ventures. “We are a family running these businesses rather than a family business because we are first-generation entrepreneurs.”

RECOMMENDED FOR yOU

Startup Funding Plunges Nearly 80% YoY To $580 Mn In June 2023

News

Startup Funding Plunges Nearly 80% YoY To $580 Mn In June 20...

GSF Invests In 5 Early-Stage Startups From GSF Founders Academy's Cohort

News

GSF Invests In 5 Early-Stage Startups From GSF Founders Acad...

Dry Spell Continues: Indian Startup Funding Falls To $5.4 Bn In H1 2023

News

Dry Spell Continues: Indian Startup Funding Falls To $5.4 Bn...

This perspective has also shaped their approach to corporate governance. “We are the largest shareholders in these companies and hold executive roles. Hence, we have to focus on governance and establish a strong board that can question and challenge our decisions,” he added.

Acknowledging that their working styles differ, he said, “Meghna, Anshuman and I — bring unique strengths. It’s precisely these differences that have fortified our ventures.”

Tapping Into Tier-II Growth With A Distributed Approach

The pandemic has fundamentally changed talent acquisition strategies and office space models.

“Post-Covid, jobs are going where the people are,” observed Das. “But look at our generation; you would find we went where the jobs were. That’s a huge shift caused by Covid-19.”

This follow-the-talent approach is driving IndiQube’s expansion into tier-II cities. He also detailed the government’s strong support in physical, financial and digital connectivity, which makes these cities increasingly attractive to global capability centres, IT services companies and startups — especially those in the consumer space that need to engage with non-English-speaking users across Bharat.

IndiQube’s strategic expansion to emerging hubs like Coimbatore, Kochi, Jaipur, Madurai, Calicut and Vijayawada revolves around minimising entry barriers for new businesses, offering flexibility for growth and ensuring ease of operations. Das envisions IndiQube as an outsourcing workspace partner for companies with multi-city operations, providing a consistent experience and uniform access control across locations.

Flexible Leasing And Customised Workspaces

The customer portfolio at IndiQube ranges from solo entrepreneurs to global corporations like Air India and Philips, each requiring bespoke solutions. It also offers flexible leasing, including short-term, long-term and pay-per-seat options, designed to cater to early stage startups, rapidly growing teams and big enterprises. This adaptability and end-to-end workspace management make IndiQube the go-to place for new-age businesses looking for seamless, turnkey office space solutions.

“Clients come to us for various reasons,” said Das. “Some seek flexibility, others are driven by cost, and many seek [service] consistency and a premium experience.”

As for startups navigating uncertain growth trajectories, the coworking space provider often advises starting small with scalable options. For large enterprises with distributed teams, the focus shifts to ensuring a uniform experience across all locations.

Under IndiQube Bespoke, the coworking space provider primarily offers leased properties tailored to meet the specific requirements of its customers. It also provides a broad suite of B2B and B2C services under IndiQube One.

Tech That Powers Connected Operations

IndiQube is often pigeonholed as a traditional office real estate player. But Das underscored how its robust technology stack helped improve operations at the end-user and organisational levels.

For instance, the flex office space provider’s MiQube app is a centralised platform for user touchpoints. It streamlines all workspace-related services such as food ordering, meeting room booking, event updates, parking space reservation, transportation/commute management, visitor management and gym access. The goal is to ensure a well-connected workspace experience instead of a disengaged physical occupancy.

B2B tool ServiQube also helps the ground staff manage tasks, monitor schedules, and track critical metrics such as power and water usage. The tool also leverages data-driven insights to ensure a consistent user experience. With ongoing monitoring and best practices, IndiQube has reduced power consumption by 20-30%.

Sustainability As A Business Lever

As India’s commercial real estate market undergoes a transformation, sustainability is no longer just a compliance checkbox, it’s a competitive advantage. Coworking providers are increasingly aligning with global ESG standards as clients, investors and regulators turn up the heat on climate-conscious practices.

According to JLL’s estimates, the operational footprint of flex office space across the top seven Indian cities will surpass 100 MSF by 2026. However, the country’s office space market is poised for a change as sustainability takes centre stage. While property managers must keep up with new standards to reduce the loss of asset value, they should also create sustainability roadmaps to balance short-term financial gains with long-term benefits, according to Deloitte’s 2025 commercial real estate outlook.

At IndiQube, the approach to sustainability extends beyond operational efficiency. This commitment is not just ideological; it’s practical. The company integrates resource conservation and intelligent infrastructure into its overall business strategy. Its in-house technology tools monitor and optimise utilities usage, from energy to water, across its facilities, ensuring smarter consumption patterns and lower environmental impact.

With regulatory norms becoming stricter and newer buildings demanding higher sustainability certifications, providers like IndiQube are well-positioned to lead this transition by embedding sustainability into the DNA of workspace design and service delivery.