Co-working space startup IndiQube, operated by Innovent Spaces Pvt. Ltd, has raised $30 million (Rs 227 crore) in a fresh funding led by the promoters and existing investor WestBridge Capital.
The promoters themselves have infused $17 million in this transaction, while the rest were contributed by the homegrown private equity fund and angel investor Ashish Gupta.
The trend of promoter making personal investment into own venture is gaining momentum. For instance, Byju's Founder and CEO Byju Raveendran has made a personal investment of $400 million of the total $800 million in one of the recent round of funding in the edtech firm.
“Over the next two years, we plan to more than double our PAN India footprint to over 10 million sq ft, venture into over 15 tier II cities and further ramp up technology integration, creating a consistent experience for our clients,” said Rishi Das, Co-Founder of IndiQube.
The Bengaluru-based company had raised $15 million from WestBridge Capital in June 2018. The capital raised then were meant for expansion outside the city, innovation in technology, besides boosting its mobile app as well as brand-building.
The startup was launched in December 2015 by Das and Meghna Agarwal. Das holds a bachelor’s degree in electrical engineering from the Indian Institute of Technology, Roorkee. Agarwal holds an MBA degree from the Institute of Management Technology, Ghaziabad.
IndiQube today claims to have over 5 million sq ft of office space in over 60 properties spread across 8 cities. They have recently forayed into Tier II, signing up over 1 Lakh sq ft in Coimbatore.
Some of the marquee clients that IndiQube hosts are Myntra, Philips, Hitachi, Eli Lilly, Mahindra Logistics, Standard Chartered, Unacademy, Ola, Cars24, Chargebee, MakeMyTrip, Tata Digital, NoBroker, and Toshiba, Zest among others.
IndiQube is among the several startups operating in the co-working space, including WeWork’s India unit, Awfis and CoWrks. The co-working space hasn’t seen too many deals in the past few years due to covid disruptions.
In November last year, co-working and working space provider ABL Workspaces had raised a Rs 15 crore in funding from Canada-based Ethik Inc in a Series A funding round.
In June 2020, 91 Springboard Business Hub Pvt. Ltd, which operates co-working space provider 91springboard, had raised Rs 45 crore in a fresh round of funding.