IndiQube, a Bangalore-based company focussed on making life easier and comfortable for startups and entrepreneurs by providing office space on lease, is looking at increasing footprints in other major metros in the country. Startups find renting and owning office space when they start out an ordeal. It is not only expensive but also impacts frugal reserves that could be used in the business model and get the startup up and running.
IndiQube started in 2014 by Rishi Das, an IIT-Roorkee graduate and his brother Anshuman, an IIT-Delhi graduate along with Meghana Agarwal, an IMT Ghaziabad alumnus is now expanding its reach. The company is in talks for raising Series B funding which they hope to close in March 2017.
What it does
It takes buildings on a 20-year lease and then develop it. The company has eight buildings in Bangalore catering to half million space and 60 companies. The companies are charged for the space and also the services it provides from furniture to meal coupons to housekeeping.
The business centers are equipped with gyms, food courts and employee engagement programs like yoga, Pilate sessions, etc. There are other services too provided depending on the need of the client like transportation service, shared transport, etc.
There is a demand for 40 million square feet of new office space in the country, according to industry estimates with an increasing number of startups emerging from all parts of the country. Rishi Das, co founder and Chairman says that the demand for office space is always very high. The company leased out 70 percent of office space last year that was less than 10,000 sq feet.
However, with startups themselves going through a period of struggle in the past yera, IndiQube has changed its focus and is interested in leasing space only to those startups which are looking out for Series A and B funding. "We do not refuse startups but we look at their growth potential. Typically, we offer space to those companies with a 3 year horizon in mind," says Das. IndiQube has been profitable from the beginning, says Das, refusing to share the numbers.
The company that has been fully bootstrapped with close to Rs 40 crore by the co-founders is hopeful of closing its Series B round in March 2017. They expect to expand their business from half a million office space to an additional one million that will be focussed heavily on Bangalore and then move to other metros. "Of the 40 million square feet of office space that is needed in the country, around 16 million will be absorbed in Bangalore only. We are bullish on Bangalore and understand its potential," says Das. The funds raised will be used to do interior designing services.
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Updated Date: Dec 28, 2016 12:51:32 IST