IndiQube Listed

Founded to close a gap for flexible, scalable office space so growing companies don't have to relocate every time headcount expands.

IndiQube's client base spans startups, large domestic enterprises, and multinational corporations, with an enterprise-first approach for larger office space requirements.

An enterprise-first approach built around long-term client leases, which the company credits with maintaining business continuity through the pandemic.

IndiQube depends heavily on real-estate brokers to originate business: brokers contributed over half of its unique clients across the three fiscal years to FY25, a concentration the company itself flags as a risk factor in its IPO filing.

Ongoing operation and expansion of a multi-city managed workspace network, including a push into non-tier-1 cities.

Portfolio of managed workspace centres across 13 Indian cities, with a seating capacity of 172,451 as of the DRHP filing date.

Investment from WestBridge Capital and angel investor Ashish Gupta from FY18 (Series A) validated the business model and brought industry expertise.

Positions itself as a 'workplace transformation' partner, working with landlords to renovate and upgrade ageing, largely non-institutional properties.

Core revenue stream is workspace leasing; the company has expanded into value-added services such as interior design/build, facility management, food, transport, and technology solutions.

Depreciation and amortization was IndiQube's biggest FY25 expense category at ₹487.14 crore (up from ₹392.24 crore in FY24), roughly 39% of total expenses, driven by lease accounting on its large leased-office portfolio.

Finance costs were IndiQube's second-largest expense line at ₹330.35 crore in FY25 (up from ₹256.00 crore in FY24), reflecting interest on lease liabilities and borrowings that come with its long-term-lease operating model.

IndiQube spends on interior fit-outs to convert leased shells into managed offices; it reports a capex of ₹1,507 per sq ft against a typical managed-office fit-out cost of ₹2,400 per sq ft, which it attributes to procurement and execution control.

Employee benefit expenses were ₹75.83 crore in FY25, up from ₹63.77 crore in FY24 — a relatively small share of the cost base next to depreciation and finance costs, consistent with an asset- and lease-heavy cost structure rather than a headcount-driven one.