Bengaluru-based coworking space provider IndiQube has officially transitioned from a private limited company to a public limited company in a significant move toward its much-anticipated initial public offering (IPO).
As per regulatory filings, the startup’s board recently approved a resolution to change its name from “IndiQube Spaces Private Limited” to “IndiQube Spaces Limited.” Founded in 2015 by entrepreneurs Rishi Das and Meghna Agarwal, IndiQube specializes in providing managed office spaces.
The startup offers a comprehensive “office in a box” solution to clients, which includes workspace design, interior build-outs, and a range of B2B and B2C services powered by technology. To bolster its leadership, IndiQube has appointed Sandeep Singhal, co-founder and managing director of WestBridge Capital, as a nominee director on its board.
IndiQube has attracted notable investors, including WestBridge Capital, Helion Ventures’ Ashish Gupta, and Aravali Investment Holdings. Its financial trajectory has been on an upward trend, with the startup achieving profitability in FY23. IndiQube posted a net profit of INR 20.63 Cr during the year, a significant turnaround from the loss of INR 18.82 Cr reported in FY22.
The company’s operating revenue surged by 69%, reaching INR 592.41 Cr in FY23 compared to INR 351.43 Cr in the previous fiscal year. Looking ahead, IndiQube is targeting a net profit of INR 100 Cr in FY25. IndiQube’s move comes amid a growing trend of IPOs in India’s coworking sector.
The industry has been witnessing heightened investor interest as flexible and managed office spaces gain traction in the post-pandemic world. IndiQube’s public listing could further cement its position as a leader in this evolving market. With its strong financial performance and growth strategy, IndiQube is poised to make a significant impact as it enters the public market.
