About Company

• The Company was incorporated as “Innovent Spaces Pvt. Ltd”, in 2015, at Kanpur. The registered office of the Company was shifted to Karnataka in November 2019. Subsequently, the name was changed to “Indiqube Spaces Pvt. Ltd” in November 2024, and in December 2024, the name was changed to “Indiqube Spaces Ltd”, upon conversion to a public limited company.
• Indiqube Spaces is a managed workplace solution that offers diverse solutions ranging from providing large corporate offices (hubs) to small branch offices (spokes) for enterprises and transforming the workplace experience of their employees by combining interiors, amenities and a host of value-added services.
• The company manages a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres for which the compnay have executed letters of intent, covering 8.40 million square feet of area under management (“AUM”) in super built-up area (“SBA”) with a total seating capacity of 186,719 as of March 31, 2025.
• The company has expanded its portfolio by 3.46 million square feet of AUM with the addition of 41 properties and 5 new cities between March 31, 2023 and March 31, 2025.
• The company is amongst the leading operators in Bengaluru as of March 31,2024. In Bengaluru, the company has a portfolio of 65 centres spanning 5.43 million square feet in AUM as of March 31, 2025.
• Brand ‘IndiQube’ stands at the core of the company’s business, enabling it to serve 769 clients. Global capability centres (“GCCs”) comprise 43.56% of the company’s clientele as of March 31, 2025, and the remaining 56.44% are Indian Enterprises.
• The company’s payback period was 24.87 months from the fit-out commencement cycle as compared to the expected payback period of 47 to 48 months.
• The company’s capital expenditure per square feet is ? 1,507 as of June 30, 2024, as compared to ? 2,400 per square feet (as per CBRE) for a typical managed office.
  • The company’s Total Income has grown from ? 601.28 Cr in FY 2023 to ?1,102.93 Cr in FY 2025 at a CAGR of 35.44%. The company has strong financial and operational metrics with occupancy rate in steady state centres of 86.50%, return on capital employed of 34.21% and cash EBIT margins of 10.81% as of March 31,2025.

Strengths

Competitive Strength 

• One of the leading players in the Large and Growing Flexible Workspace Market in India
• Acquisition Strategy with a Focus on Value Creation and Demand-Driven Locations
• Prudent Business Management Practices with Strong Operational Metrics
• Capital Efficient Model with Resilience and Comprehensive Risk Mitigation  
• Experienced Leadership and Prominent Investor Base
• Focused on Fostering an Ecosystem of Green Buildings

Business Strategies 

• Expand Area Under Management by Balancing Market Presence and Micro Market Penetration
• Enhance Average Revenue Per Square Feet Through an Integrated Workspace Solutions Ecosystem
• Become a Preferred Workspace Outsourcing Solutions Partner for Enterprises
• Scale IndiQube Bespoke and Offer Comprehensive Office Interiors Solutions
• Expand ‘Sustainability as a Service’ Offerings
• Leverage Technology to Expand the Client Base

Company Promoters

Company Financials

Indiqube Spaces Ltd.'s revenue increased by 27% and profit after tax (PAT) rose by 141% between the financial year ending with March 31, 2025 and March 31, 2024.

Objects of the Issue