IndiQube plans to raise $75 million

IndiQube aims to raise about $75 million in equity funding to acquire commercial assets in major cities and expand its portfolio.

"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.

The company had secured $30 million in funding during April 2022 for expansion, with participation from promoters, WestBridge Capital and angel investor Ashish Gupta, including a $17-million infusion by the promoters themselves. The company aims to expand its portfolio to 15 million square feet, more than doubling its current office space of 7 million sq ft across 85 properties in 12 cities. IndiQube has also made an entry into tier-II cities and plans to enhance its presence in both tier-I and tier-II cities.