Co-work space operator IndiQube raises $15m Series A led by WestBridge Capital

Coworking space in Kiev, Ukraine. Photo: Alex Kotliarskyi/Unsplash

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.

Also Read:

WeWork India in talks to raise up to $200m, may fetch $1b valuation: Report

Workspace solutions provider BHIVE receives $1.2m funding

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.