Managed working spaces provider IndiQube has raised $15 million (around Rs 100 crore) in a funding round led by India-focused private equity firm WestBridge Capital.
The series A round also saw participation by Ashish Gupta, co-founder of Helion Ventures, who will also join the advisory board of the Bengaluru-based firm.
According to the company’s website, IndiQube has around 20 work spaces in Bengaluru and the latest funding would expand its presence in Pune, Hyderabad, Mumbai and Chennai. By the end of calendar year, IndiQube plans to cross 2 million sq ft of cumulative work spaces across India.
“Managed smart work spaces are likely to grow rapidly as the large commercial real-estate market in India becomes more service-oriented and we believe that IndiQube, with its strong leadership team & customer focus is likely to become a leader in the segment,” Sandeep Singhal, managing director of WestBridge Capital, said in a statement.
At present IndiQube has 1.4 million sq ft of workspace, with a focus on startups and small and medium enterprises (SMEs). Its customers include companies like LEVIS, Red Bus, Bluestone, Fresh Menu, No Broker, Lendingkart among others.
To curb expenses and for better operational efficiencies, many startups and small companies are opting for managed co-working spaces. In this segment, IndiQube competes with companies such as US-based co-working major WeWork, which is reportedly in talks to raise $200 million to expand its Indian operations; Blume Ventures-backed BHIVE Workplace, Innov8, 91springboard, and Awfis, among others.