IndiQube leases 3.2 lakh sq ft in Bengaluru, targets AUM of 11.47 mn sq ft by FY28
Flexible managed office space provider IndiQubeSpaces Limited has leased approximately 320,000 sq ft spread across three towers in the Central Business District (CBD) of Bengaluru in a strategic move to deepen its footprint in India's largest flexible workspace market.
The space, branded as IndiQube Symphony, is part of a renovate-and-upgrade project secured on a 15-year lease. This development is part of IndiQube's broader growth strategy funded through Rs 650 crore being raised as fresh capital from an IPO, of which Rs 462.6 crore has been earmarked for capex towards new centres.
With the fresh fund raise, the company aims to add 3 million sq ft of flexible workspace stock over the next three years, taking its area under management (AUM) to 11.47 million sq ft by FY28.'Bengaluru is expected to account for a significant chunk of this growth, with 1.79 million sq ft of new workspace stock planned over the period. IndiQube's total AUM in Bengaluru is projected to rise to 7.22 million sq ft,' said a source aware of the plans. The firm currently has around 29 million sq ft of flexible workspace inventory as of Q1CY25.
The company's expansion strategy also includes other key cities. Its Chennai portfolio is set to increase by 740,000 sq ft, while tier-2 cities will see an additional 360,000 sq ft over the same period. As of March 31, 2025, IndiQube operated 115 centres across 15 cities, managing 8.4 million sq ft of AUM with 186,719 seats. Of this, Bengaluru contributed 65 centres and 5.43 million sq ft of AUM.
'IndiQube's two-pronged growth approach includes deepening presence in existing tier-1 cities such as Mumbai, Hyderabad, Noida, Gurgaon, Pune and Chennai, while also expanding into emerging tier-2 markets using its hub-and-spoke model,' he said. The model allows the company to test markets with smaller properties and scale up to larger centres upon achieving operational viability.With robust capital backing, IndiQube is positioning itself as a key player in India's fast-evolving managed workspace segment. The company plans to add 1.29 million sq ft in FY26, 1.24 million sq ft in FY27 and 0.54 million sq ft in FY28, with projected capex of Rs 194.4 crore, Rs186.8 crore and Rs 81.3 crore, respectively.The managed workplace solutions company on Wednesday raised over Rs 314.32 crore from anchor investors at Rs 237 per equity share, as per an exchange filing. Some of the key anchor investors who were allocated equity shares are Aditya Birla Sun Life MF, Ashoka WhiteOak ICAV, WhiteOak Capital, Invesco India ELSS Tax Saver Fund, Bandhan Large & Mid Cap Fund, MotilalOswal Large Cap Fund, Malabar India Fund and Malabar Midcap Fund.WestBridge Capital through its group companies Aravali Investment Holdings, WestBridge AIF I, Konark Trust and MMPL Trust has a pre-offer shareholding of 27.95% in the company and is not diluting any stake.IndiQube reported a total income of Rs 1,103 crorein FY25, recording a CAGR of 35% from FY23. The company's FY25 EBITDA stood at Rs 660 crorewith a RoCE of 34.21%, cash EBIT margins of 10.81% with an occupancy rate of 86.50% in steady state centres. As per IGAAP accounting standards, the company has been PAT positive and has paid income tax to the tune of Rs 7.7 crore and Rs 8.4 crore in FY24 and FY25, respectively.
According to Colliers, India's office market scaled up in H1 2025 with a 24% share for flex spaces. Flex leasing accounted for 6.5 million sq ft in the first half—up 48% year-on-year—and now contributes 19% to the overall leasing volume, up from 15% a year ago. The second quarter alone saw 4.3 million sq ft of flex leasing, a 65% jump over Q2 2024, making it one of the segment's best-performing quarters to date. Bengaluru accounted for one-third of Q2's flex activity, but other cities like Mumbai, Hyderabad and Chennai also saw a significant uptake, reflecting the segment's growing geographical spread and mainstream appeal.
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