- IndiQube experienced a remarkable fiscal growth, recording a 69% scale increase and achieving profitability in the fiscal year ending March 2023.
- Revenue from operations spiked by 69%, reaching Rs 592 crore in FY23, up from Rs 351 crore in FY22, majorly propelled by a 70% surge in rental income, constituting 80% of total collections.
- Expenditure witnessed a notable rise, particularly in rent and lease costs, forming 49% of total expenses, which increased by 54.1% to Rs 282 crore in FY23.
- Despite increased expenditure, IndiQube managed to turn profitable, registering Rs 21 crore in profits in FY23 compared to a Rs 19 crore loss in FY22.
- IndiQube’s founders and Westbridge hold substantial stakes in the company, and its disciplined approach to cost management has positioned it as a successful entity in the coworking space, demonstrating better financial performance compared to global counterparts.