IndiQube to expand into new cities, targets 30% revenue growth in FY26

Bengaluru-based workspace solution provider IndiQube Spaces plans to add 4 to 5 new cities to its portfolio over the next couple of years while expanding its presence in existing cities, Rishi Das, its co-founder and CEO told Business Standard.

 

“In newer markets, we plan to double or even triple our footprint over the next few years, while markets where we already operate will see a modest growth as compared to newer ones,” Das said.

 

The recent market debutant entered new markets like Kolkata and Mohali in the quarter ended June. Going forward, Das said that there are plans to add about 100,000 square feet per month in these markets.

 

In cities where IndiQube already operates, the company plans to deepen its presence by entering underserved micro markets. For instance, in Bengaluru it is eyeing Electronic City, while in Chennai, the central business district.

 

Currently, IndiQube is present in 15 cities, including Chennai, Pune, Hyderabad, Noida, Kolkata, Kochi, Jaipur, Coimbatore, Mohali, Vijayawada, and Gurugram.

 

The aggressive geographical expansion will help it achieve revenue growth of 30 per cent in the financial year 2025-26 (FY26), Das said. The company’s revenue from operations rose to ₹309 crore in the first quarter of FY26 from ₹242 crore in Q1FY25.

 

“We have significant headroom for growth. Currently, our portfolio spans 8.7 million square feet, with 6.5 million square feet where we pay rent to our landlords. The remaining 2.2 million square feet, about 33 per cent, will become available over the next 6-12 months as part of our expansion. Based on this, we anticipate 30 per cent revenue growth in FY26,” Das added.

 

On the occupancy front, the company which competes with managed working space providers like WeWorks India and Smartworks, aims its occupancy rate to hold steady at 80 per cent, in line with FY25 levels.

 

In its Q1 earnings, IndiQube narrowed its losses to ~37 crore against ₹42 crore in Q1FY25. Das noted it was due to improved occupancy levels along with operations efficiencies.

 

“As our base expands and we add more real estate assets, this number will turn profitable over time,” he said.