Workspace solutions provider IndiQube has raised $15 million Series A round led by WestBridge Capital. The latest funding round also saw participation by Ashish Gupta, co-founder of Helion Ventures.
With the fresh capital infusion, the Bengaluru-based co-working startup is looking to expand its offering into other cities such as Pune and Hyderabad. Besides, it is also looking to set up presence in Mumbai and Chennai.
Importantly, this is the second largest fundraising by a co-working company in India. Previously, Awfis had raised a $20 million round in April last year.
Although the firm claims to have been running on bootstrap, it is quite interesting to see a company raising Series A funding round after four years of operations.
Furthermore, we also failed to understand that how IndiQube was in talks to raise Series B round in December 2016.
IndiQube was floated in 2014 by Rishi Das, Anshuman, and Meghana Agarwal. With over 1.4 million sq ft of workspace, IndiQube is focussing on startups and small and medium enterprises (SMEs).
At IndiQube platform, customers can book meeting rooms, seats for in-house events and workshops, place food orders from the food court, fix gym slots, including several other features.
The startup claims to have operated with around 15,000 seats and it aims to reach 25,000 seats by end of FY19.
According to Das, the company has been EBIDTA positive since inception and is clocking a revenue run rate of Rs 10 crore a month. He also said that the company aims to cross Rs 100 crore revenue by the end of this financial year.
IndiQube counts LEVIS, Red Bus, Bluestone, Fresh Menu, No Broker, Lendingkart, and several others in its client base. The company’s revenue model is a combination of “Rentals from the SME” and Service Revenue on Usage-basis”.
In India, co-working space has been dominated by global player WeWork and home-grown counterparts such as BHIVE, Innov8, 91springboard, Awfis, Stirring Minds, among several others.
The development was first reported by TOI