IndiQube, the leading co-workspace provider where several noted startups had their humble beginnings, has raised $15 million (over INR 100 crores) from WestBridge Capital. The company’s founders Rishi Das and Meghana Agarwal stated that the fresh capital will be used for brand building, and to increase its team size. They also expressed their idea of expanding the business to cities such as Mumbai and Chennai in the near future.
Ashish Gupta, Co-Founder of Helion Ventures participated in the latest round of funding. He would serve on the advisory board of the company.
“We were looking for patient capital and an investor with deep pockets as we continue to grow 100% in terms of occupied seat year on year. Our Partnership with Ashish Gupta and WestBridge will help accelerate our expansion plans in new markets and better address our existing and prospective customer requirements”, said Rishi Das talking to Economic Times.
Sandeep Singhal, MD at WestBridge said, “We believe that IndiQube, with its strong leadership team and customer focus, is likely to become a leader in the segment,” in a statement.
According to a report, IndiQube has 14,000 operational seats across 25 Centers in 3 cities. It has 21 centers in Bangalore, 3 in Pune, and is adding 1 new center in Hyderabad. IndiQube aims to create 2 million sq.ft of (cumulative) workplace by the end of 2018, from 1.4 million sq.ft at present.
The companies with fewer employees are usually inclining towards the co-workspaces, due to the various benefits that come along. With the increase in demand, the co-workspace providers are seeing increased interest from the investors across Asia. EV Hive – a co-working space chain from Indonesia was the latest one raising $20 million Series A funding from VC firm East Ventures earlier this month.
For small teams, the co-working spaces offer the best of both the worlds in terms of prime location, the opportunity to interact with other startups, and the low cost of operation.