IndiQube, a workspace solutions provider has raised USD 15 million in its Series A funding round led by WestBridge Capital. The investment also witnessed participation of Ashish Gupta, co-founder of Helion Ventures.
Notably, the funding marks the first external round for the company where the funds shall be used for company expansion to cities like Mumbai and Chennai, increasing its workforce and brand creation, informed the founders, Rishi Das and Meghna Agarwal.
Rishi Das, further added
We already have about 15,000 seats operational, which will be increased to 25,000 by the end of the fiscal. By then, we will also expand to Pune and Hyderabad. We are also looking at setting up presence in Mumbai and Chennai.
IndiQube currently in-houses 1.4 million sq ft of workspace and has some prominent names in its list of service customers such as Scripbox, Fresh Menu, No Broker, Rubrik, Lendingkart, and Eximius , LEVIS among others.
The company has clocked a revenue rate of Rs 10 crore a month. It is also planning to expand to over 2 million sq. ft. of cumulative workspaces by the end of 2018, from 1.4 million square feet at present coworking companies such as Awfis, 91Springboard, Innov8 and global player WeWork.
Rishi also said, “We have been EBIDTA positive (operationally profitable) from day one. Our revenue this fiscal should be upwards of Rs 100 crore this fiscal.”