Bangalore, India-based coworking space platform IndiQube raised USD 30 million (INR 227 crore) on April 6, 2022, in a new round of funding.
The round saw participation from IndiQube’s promoters, investment firm WestBridge Capital and angel investor Ashish Gupta.
Purpose of Funding for IndiQube
With the latest funding, IndiQube wants to finance the next phase of expansion.
The flexible workspace provider intends to use the proceeds from the latest funding to double its pan-India CRE footprint. IndiQube seeks to venture into Tier-II cities. Besides, the platform will ramp up its technology integration.
Out of USD 30 million, IndiQube’s promoters have infused USD 17 million. Previously, Byju’s Founder and CEO, Byju Raveendran, made a personal investment of USD 400 million of the total USD 800 million in one of the recent rounds of funding in the edtech firm. The trend to infuse personal investment by a promoter into its own venture seems to be catching up.
Previously in June 2018, the coworking space raised USD 15 million. WestBridge Capital led the funding back then for IndiQube.
What the founder has to say
“We are extremely thrilled to have a large PE firm like WestBridge Capital investing with us once again and backing us on our mission to create personalized workspaces for everyone. This round reinforces our belief that we are on the right track to solve India’s CRE problem,” said Rishi Das, Co-founder of IndiQube.
“Over the next two years, we plan to more than double our pan-India footprint to over 10 million sq ft, venture into more than 15 Tier-II cities, and further ramp up technology integration, creating a consistent experience for our clients,” he further added.
In addition, Meghna Agarwal, Cofounder IndiQube, said, “COVID19 has accelerated the adoption of flexible workspaces across the globe. We now look forward to even more exciting times ahead and thank WestBridge Capital for being a consistent partner for IndiQube in its growth journey.”
Meghna Agarwal and Rishi Das co-founded IndiQube in 2015. The Bangalore-based startup is India’s leading flexible workspace provider that provides accessible, affordable, and personalized workspaces. Leveraging its in-house technology platform MiQube, IndiQube provides a smart building experience. It caters to the evolving needs of thriving startups, offshore development centres and large enterprises pan-India.
Its clientele boasts of big giants such as Myntra, Philips, Hitachi, Eli Lilly, Mahindra Logistics, Standard Chartered, Enphase, Allegis, Slice, Unacademy, upGrad, Ola, Cars24, Chargebee, Fivetran, MakeMyTrip, Tata Digital, Navi Technologies, Observe AI, Zolve, Shuttl, Lendingkart, Brillio, NoBroker, Tracelink, Toshiba, Zest, amongst others.
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