Co-working space startup IndiQube, operated by Innovent Spaces Pvt. Ltd, on Monday said it has raised $15 million (close to Rs 100 crore) in a Series A round from WestBridge Capital Partners, a public markets-focused private equity firm.
The round also saw participation from Ashish Gupta, co-founder of venture capital firm Helion Ventures, who serves on the advisory board of the company.
Rishi Das, co-founder and chairman of IndiQube, told VCCircle that the Bengaluru-based firm would use the funds for growth outside the city, innovation in technology, boosting its mobile app as well as brand-building. Das added that the company would expand its operations to Pune in August and Hyderabad in October or November.
Reflecting on the deal, Sandeep Singhal, managing director of WestBridge Capital, said, “Managed smart workspaces are likely to grow rapidly as the large commercial real-estate market in India becomes more service-oriented."
IndiQube claims the following to be among its clients: redBus, Bluestone, Scripbox, FreshMenu, NoBroker, Edureka, Playment, and Mfine. In December 2015, Das and Meghna Agarwal had launched the Uttar Pradesh-registered startup in Bengaluru.
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.
The concept of co-working spaces has been gaining momentum in India.
Early this year, co-working space provider Creator’s Gurukul had raised an undisclosed amount from existing and new investors.
In June 2017, co-working startup Bhive raised $1.2 million in a round led by existing investor Blume Ventures.
Other co-working startups that have attracted investor attention include Delhi-based Awfis, which raised $20 million in a Series B round from Sequoia Capital in April 2017.
In the same month, The Office Pass, a co-working platform launched by Makaan co-founder Aditya Verma, raised seed investment from a group of individual investors.
In February 2017, co-working space provider Innov8 had raised an undisclosed amount in an angel round led by online deal-making platform LetsVenture and Mumbai-based seed investment platform Venture Catalysts.