Smart workspace solutions provider, IndiQube, has raised ₹100 crore ($15 million) of equity in a Series A round led by WestBridge Capital, one of India’s leading investment firms managing over $2.5 billion in capital.

The round also saw participation by Ashish Gupta, co-founder of Helion Ventures, who serves on the advisory board of the company.

Co-founded by Rishi Das and Meghna Agarwal in 2015, IndiQube — which was internally funded till now — has grown from one building with 1,50,000 sq ft of workspace and 2,000 seats to 25 office buildings with 1million sq ft of workspace and 14,000 seats in Bengaluru. The company has 250 clients including start-ups, brands and offshore development centres such as Levis, RedBus, Bluestone, Scripbox, Freshmenu, Rubrik, Fungible, Thoughtspot, Cleo and Lendingkart.

“IndiQube is a profitable company and has registered 100 per cent YoY growth — from 3.5 lakh sq ft of office space with 7,000 seats in March 2017 to 1million sq ft of office space with 14,000 seats at an average occupancy rate of 90 per cent, in March 2018. We entered the Pune and Hyderabad markets recently and plan to end the year with a six-city footprint, including Mumbai, Chennai and NCR,” Rishi Das, Chairman IndiQube, told BusinessLine .

At present, IndiQube has signed up a total of 1.4 million sq ft with 25,000 seats, of which 14,000 seats are operational and the rest are in various stages of development. By this year-end, the company plans to cross 2 million sq ft of cumulative workspaces.

The concept of one big centralised office is going away, as organisations are looking to make their office spaces a variable cost by locating 10-15 per cent of their workforce in smart co-working spaces, pointed out Meghna Agarwal, co-founder, IndiQube.

The company is focussed on serving all the real estate-related needs of their clients, including workspace planning, cafeteria management, conference rooms, internet lease-lines, power back-up and security. Employee transport, music café, laundry services, doctor-on-call, flea market, help desk and yoga/pilates are some of the amenities offered by IndiQube.

“The country absorbs 40 million sq ft of Grade A and B, leased office space every year, of which 40 per cent is absorbed in Bengaluru alone. Seventy per cent of the 40 million sq ft is absorbed by companies which have less than 350 employees, and this is our addressable market,” said Das.

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