[Funding alert] IndiQube raises $30M from promoters, WestBridge Capital

Flexible workspace provider IndiQube plans to use the funding to double its pan-India CRE footprint, expand into Tier-II cities, and ramp up tech integration.
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Flexible workspace provider IndiQube has raised $30 million in funding from WestBridge Capital, angel investor Ashish Gupta, and promoters.

Out of $30 million, IndiQube’s promoters have infused $17 million. 

“We are extremely thrilled to have a large PE firm like WestBridge Capital investing with us once again and backing us on our mission to create personalised workspaces for everyone. This round reinforces our belief that we are on the right track to solve India’s CRE problem,” said Rishi Das, Co-founder of IndiQube. 

“Over the next two years, we plan to more than double our pan-India footprint to over 10 million sq ft, venture into more than 15 Tier-II cities, and further ramp up technology integration, creating a consistent experience for our clients,” he added.

Founded in 2015, IndiQube is a flexible workspace provider that provides accessible, affordable, and personalized workspaces. Leveraging its in-house technology platform MiQube, IndiQube provides a smart building experience, catering to the evolving needs of thriving startups, offshore development centres and large enterprises, pan-India.

IndiQube today has over 4.5 million sq ft of office space in more than 60 properties spread across eight cities. They have recently forayed into Tier II, signing up over 1 lakh sq ft in Coimbatore.

“COVID19 has accelerated the adoption of flexible workspaces across the globe. We had an amazing year adding more than 100 clients to our portfolio with over 1.2 million sq ft in incremental signups,” said Meghna Agarwal, Co-founder, IndiQube. 

The startups’ clients include Myntra, Philips, Hitachi, Eli Lilly, Mahindra Logistics, Standard Chartered, Enphase, Allegis, Slice, Unacademy, upGrad, Ola, Cars24, Chargebee, Fivetran, MakeMyTrip, Tata Digital, Navi Technologies, Observe AI, Zolve, Shuttl, Lendingkart, Brillio, NoBroker, Tracelink, Toshiba, Zest, amongst others. 

The flexible workspace provider plans to use the proceeds to double its pan-India CRE footprint, venture into Tier-II cities, and ramp up technology integration, the company said in a statement. 

Edited by Saheli Sen Gupta

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