Hyderabad: Managed office space and co-working space provider IndiQube, which has forayed into Hyderabad with one property in Mindspace, is emerging as an end-to-end office solutions provider, introducing new concepts into the sector such as HerQube, offering significant scale-up support to women entrepreneurs by providing them funding network as well as offering price reduction.
Talking about the HerQube initiative, Meghna Agarwal, co-founder, IndiQube, told Telangana Today, “Women entrepreneurs need a right work ecosystem and funding connect. We are providing support to several entrepreneurs across domains. We are facilitating corporate advisory to startups on business plans and giving them an audience to explore funding possibilities. We have provided more than 50 per cent price subsidy to women entrepreneurs who take space with us.”
“Going beyond the gender, the company is also helping all budding entrepreneurs. We are encouraging early-stage startups whom we consider ‘infants’, whom we have offered differential pricing, before and after they raise investment. We have 250 clients in India and half of them are budding entrepreneurs,” she added.
When asked about the impact of remote working on flexible spaces, she said, a hybrid model will emerge in future where distributed work culture will develop. While demand for office space may slightly decline for startups in certain domains in the next 2-3 years, because of Covid impact, this will be nullified by the demand that will emerge from global technology majors looking at managed spaces.
“Even during Covid, we have seen 35 per cent growth in uptake of space as hiring has gone up significantly in fintech, edutech and captive centres,” Agarwal noted.
IndiQube, starting with a single property in Bengaluru, in a span of about six years has spread its operations across six cities in India with 50,000 seat capacity (including Hyderabad with 1,000-seat capacity in a facility spread over 70,000 sq ft), with over 50 centres and more than 3.5 million sq ft space.
In the next two years, the company aims to reach 5 million sq ft and 1,00,000-seat capacity. It sees potential to add over 30,000 seats year-on-year in India.
The company believes Bengaluru and Pune have become key markets for managed office space as they are infused with startups and Hyderabad is seeing growth gradually year-on-year. “We will go deeper and penetrate into micro-markets of the existing six cities where we operate. We will also enter into more tier-2 cities across India in the coming years. We are looking at Rs 400 crore revenues in the current fiscal,” she informed.
Asked if the company is exploring overseas opportunities, she added, “India is showing healthy consumption patterns. Consumption of commercial real estate in Vietnam, Malaysia and Indonesia, for example, is lesser than that of India. Flexible space and end-to-end office solutions is the future. IndiQube is geared up for the emerging market opportunities in the country and scale-up rapidly.”
Large enterprises such as Walmart, Philips, KPMG, Allegis; MNCs such as Hitachi and Eli Lilly, Standard Chartered, Enphase, Elanco; unicorns like Byjus, MakeMyTrip and thriving startups such as Unacademy, Bira91, Grofers, Scripbox use or have used IndiQube’s services.
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