IndiQube is a workplace platform, not a landlord - it leases empty buildings, transforms them into ready-to-use offices with its own design, technology and operations teams, then sub-leases the finished space to enterprises that want to outsource everything about their office except the work itself. Born in Bengaluru in 2015 when founders Rishi Das and Meghna Agarwal saw companies struggling with the distraction of building and running their own premises, the business has grown from a single managed-space provider into an integrated platform spanning interiors, facility management, green energy and a proprietary technology stack. The recurring idea is converting clients’ capital expenditure into operating expenditure - IndiQube absorbs the upfront cost of fit-outs, technology and infrastructure so that a company moving in pays only a monthly per-seat fee and gets a finished workplace from day one.
Business segments
One integrated workplace platform delivered through five service brands - a core managed-workspace engine that generates the bulk of recurring revenue, two complementary design and services capabilities that deepen client relationships, a green-energy arm that lowers operating costs, and a technology layer that connects everything.
1. Managed workspaces: the core engine that turns empty buildings into enterprise-ready offices
IndiQube takes long leases on commercial buildings, fits them out at its own cost, and sub-leases finished workspace to enterprises on a per-seat monthly fee - collecting rent from clients before its own landlord obligations are due, with an asset-light model where it owns no real estate.
- Paid per seat, with built-in inflation - the company earns about INR 192 per occupied seat per month, and most contracts carry an automatic 5-6% annual rental escalation, so revenue grows even before a single new client is added.
- The lock-in maths eliminates the mismatch - clients are contractually locked in for an average of 34 months, which is almost exactly the 36 months it takes to recover the INR 1,650 per sq. ft. fit-out cost; meanwhile IndiQube’s own lock-in with landlords averages 38 months, after which it can walk away with 3-6 months’ notice while the landlord remains bound for 10-20 years.
- Scale creates a buyer’s-only club - with 130 centres, 9.66 million sq. ft. under management and over 20% market share in Bengaluru’s flex-space industry, the company is one of the few pan-India operators large enterprises invite to bid; nearly 90% of occupancy comes from clients taking more than 100 seats, and multi-centre clients contribute 44% of revenue.
- Old buildings, new life - over 2.5 million sq. ft. of the portfolio comes from renovating underused ageing properties, tapping the fact that more than half of India’s office stock is estimated to be over a decade old; 56% of supply is full buildings, giving control over the entire tenant experience.
- Bengaluru is the anchor, but the spokes are spreading - 70 of the 130 centres are in Bengaluru, with Chennai (17 centres) and Pune (11 centres) as the next hubs; nine Tier-II cities including Coimbatore, Kochi and Bhubaneswar extend the network, and 78% of centres sit within three kilometres of a metro station.
2. DesignQube: custom fit-outs for clients who own their premises
When a client wants the IndiQube look and feel in a building it already owns or leases directly, DesignQube delivers the interior fit-out - from concept to turnkey execution - without IndiQube taking any long-term rental obligation on the space.
- Milestone billing, no real estate exposure - the business uses advance payments and progressive invoicing tied to project stages, so it scales on execution capability and vendor networks rather than balance-sheet commitments.
- Backward integration that feeds the core - the same design and renovation expertise that turns ageing buildings into managed centres is sold standalone, meaning the capability that lowers IndiQube’s own fit-out cost also generates third-party revenue.
3. IndiQare: running the workplace, not just building it
IndiQare manages the daily operations of an office - food, transport, maintenance, asset upkeep - for clients both inside and outside IndiQube’s own buildings, turning a cost centre into a revenue stream.
- Services travel beyond IndiQube’s walls - the company increasingly manages offices for clients across India in premises it does not own or lease, extending its relationship with enterprises that started as managed-workspace tenants.
- Value-added services are the fastest-growing slice - these B2B and B2C offerings (food and beverage, mobility, IT equipment rental, solar) reached 15% of overall revenue in FY26, up from 12% last year, with recurring VAS alone contributing INR 135 crore.
4. Eco: green energy that cuts the company’s own power bill
Eco builds and operates solar capacity - a 20 MW farm in Karnataka, a 4 MW plant in Maharashtra, and a 2.7 MW project in Tamil Nadu, plus more than 25 rooftop installations - to push the entire portfolio toward 100% green power and structurally reduce energy costs.
- Over 30 MW of captive solar - the combined capacity insulates the business from rising grid electricity prices, which is meaningful because power is one of the largest operating expenses in running millions of square feet of air-conditioned office space.
- Green certification as a sales tool - nearly 3 million sq. ft. is green-certified (LEED, IGBC Platinum and Gold across 32 centres), which matters to the global capability centres and multinationals that make up nearly half of occupied area.
MiQube
The proprietary technology stack that connects employees, clients, administrators and service teams - and makes the platform stickier the longer a client stays.
- 1.4 million transactions in a year - the MiQube app and its service-delivery backbone (ServiQube) handle everything from AI-routed transport and geo-spatial attendance to contactless cafeteria ordering and smart meeting-room scheduling, with 119,000-plus downloads and a 4.0-star rating.
- A platform that gets harder to leave - as clients embed MiQube into their daily operations across multiple centres, the cost of switching rises; the technology is the thread that ties the physical workspace, services and energy management into one integrated experience.
Group structure and partners
IndiQube Spaces Limited is a single listed entity with no subsidiaries or joint ventures - the five service brands are internal divisions, not separate companies.
- The company listed on NSE and BSE during 2025-March 2026 after filing for an IPO of INR 6,500 million.
- It operates an employee stock option plan with a pool of roughly 4.06 million options, aligning staff incentives with the platform’s growth.
- Related-party arrangements include leasing space from and providing services to entities connected to the founders, and purchasing catering from a partnership firm - standard operational links in a founder-led business.