IndiQube Plans To Raise $75 Million: Report

IndiQube, a Bengaluru-based Indian tech start-up is planning to raise $75 million in an equity funding round to expand its portfolio. In addition to this, the company is aiming to acquire major assets in major commercial cities in India. It is also planning to double its office space. 

According to a report by The Economic Times (ET), the company bagged an investment of $30 million in a funding round last April from investors like WestBridge Capital and angel investor Ashish Gupta to fuel its expansion goals. 

IndiQube recently made its foray into tier 2 and tier 3 cities. It has also claimed to turn profitable and double its annual recurring revenue (ARR) to $100 million. 

"We have turned profitable at the company level and are looking to raise equity over the next 12 months. We are finding that there is a lot of interest in the flexible office operator space from public sector banks and private equity funds," cofounder Rishi Das said to ET in an interaction.

"Our focus continues to be on profitability and growth. We are seeing a major shift towards flexible and managed office space and expect the growth momentum to continue with over 88% occupancy across our assets," he added. 

In an attempt to bolster its footprints, the company is acquiring office properties in addition to its lease model. 

"In the last six months, we have leased around 1 million sq ft office space across major cities and are actively looking at acquiring more assets as the demand has picked up strongly across major cities," the co-founder added.