IndiQube raises over Rs 100 cr in WestBridge Capital-led funding

Workspace solutions provider IndiQube today said it has raised USD 15 million (around Rs 100 crore) in funding led by WestBridge Capital.

The series A round also saw participation by Ashish Gupta, co-founder of Helion Ventures.

IndiQube co-founder and Chairman Rishi Das said the company will use the funds to strengthen its execution capabilities and expand in cities like Pune and Hyderabad.

"We already have about 15,000 seats operational, which will be increased to 25,000 by the end of the fiscal. By then, we will also expand to Pune and Hyderabad. We are also looking at setting up presence in Mumbai and Chennai," he told PTI.

With over 1.4 million sq ft of workspace, IndiQube is focussing on startups and small and medium enterprises (SMEs). Its customers include companies like LEVIS, Red Bus, Bluestone, Fresh Menu, No Broker, Lendingkart and others.

"Our commitment towards creating office spaces of the future that are flexible and scalable, has also helped attract large companies to set up their offices at Indiqube. The funding will help us accelerate our expansion plans in new markets and better address our existing and prospective customer requirements," IndiQube co-founder Meghna Agarwal said.

Das said the company is clocking a revenue run rate of Rs 10 crore a month.

"We have been EBIDTA positive (operationally profitable) from day one. Our revenue this fiscal should be upwards of Rs 100 crore this fiscal," he added.