IndiQube to expand in Hyderabad
Managed office spaces provider to adopt micro-market strategy to spread its operations
Hyderabad: Managed office spaces and co-working space provider IndiQube, which has forayed into Hyderabad with one facility, is keen to expand operations in all the key locations. The company will follow a micro-market strategy to spread its presence across the city.
IndiQube, starting with a single property in Bengaluru, in a span of about six years has spread its wings across six cities (including Hyderabad) with 50-plus properties and over 3.5 million sq ft.
Sharing the company’s plans, Rishi Das, co-founder, IndiQube, told Telangana Today, “In Hyderabad, we have one property in Mindspace now where we are creating 1,000 seat capacity in a facility spread over 70,000 sq ft. Companies are actively looking at Hyderabad, which is the gateway for South, and there is an uptick in demand for managed offices. The city is the second largest market after Bengaluru and the fastest growing market in the country. We will be in all the key micro-markets of Hyderabad.”
The company which began its operations in 2015 understood that enterprises, for their office space requirements, are faced with challenges such as volatility, high capex and long-term leases from traditional landlords. Thus, IndiQube provides accessible and personalised workspaces keeping employees at the heart. It provides an ‘office in a box’ solution encompassing workspace design, interior build out and several B2B and B2C services by leveraging technology.
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 IndiQube’s services.
Spreading network
“Each of the companies have taken space anywhere between 10,000 and 3,00,000 sq ft for a tenure ranging from 3-5 years. We provide work spaces, maintenance, transport, food and IT infrastructure besides other services. We have about 50,000 seat capacity cumulatively spread over 50 facilities in India and another 20,000 seats will be operational in the current calendar year. We are keen to have a network presence nationwide as large companies look for facilities in all the major cities with uniformity in services for their employees,” he added.
In 2018, angel investor Ashish Gupta (ex-Helion Ventures) and WestBridge Capital led Series A round of funding paving the way for the company’s pan-India expansion. The company, co-founded by Rishi Das and Meghna Agarwal, plans to be in at least 70 micro-markets in the top seven cities of the country. IndiQube which has raised Rs 100 crore in the last round is planning to raise Rs 300 crore this calendar year.
The company is taking up several sustainability measures, including buying green power. It has already witnessed reduction of energy consumption by about 30 per cent in its facilities. Rain water harvesting is also actively pursued across its facilities.
Emerging opportunities
“In the next two years, we will reach 5 million sq ft and 1,00,000 seat capacity. We see potential to add over 30,000 seats year-on-year in India. In the coming years, the focus of clients will be providing accessibility to their employees. There will also be fresh demand in the tier-2 and tier-3 cities with the need to create small centres. Covid is going to give rise to both inter-city and intra-city centres where companies will look to provide access to their employees wherever they are at present,” he informed.
India remains a huge unorganised market which offers opportunity to managed office space providers to acquire an existing space and remodel it, be it office spaces, hotels or warehouses, Das further noted.
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