IndiQube's Meghna Agarwal: Transforming Workspaces with an Integrated Approach

Meghna Agarwal, co-founder of IndiQube, is redefining the future of workspaces by moving beyond the traditional coworking model to an integrated workspace solution. With a focus on flexibility and comprehensive service, IndiQube is poised to lead the industry's evolution.

Flexible WorkspacesReal EstateIndiqubeMeghna AgarwalIntegrated WorkspacesReal Estate NewsMay 28, 2025

IndiQube's Meghna Agarwal: Transforming Workspaces with an Integrated Approach

Real Estate News:Meghna Agarwal, co-founder of IndiQube, bristles at the label of “coworking office provider” and is quick to distance herself from being called a “real estate” entrepreneur. Instead, she prefers to describe IndiQube as an “integrated workspace” company—a term she believes better captures the platform’s evolving role in the future of workspaces.

The WestBridge Capital-backed firm designs and develops office spaces for multinationals, startups, enterprises, and professionals across the country. “Coworking is just a part of what we offer,” insists Agarwal. For her, IndiQube isn't merely about renting desks; it’s about fundamentally transforming how real estate is consumed, akin to how the hospitality industry evolved from simple lodging to holistic service delivery.

“We believe the future of this industry is heading towards a model akin to total process outsourcing,” says Agarwal. For instance, large enterprises may retain their primary campuses, but when it comes to scaling across multiple cities—whether it's for 1,000 or 2,000 seats—they’ll float RFPs (request for proposals) and only consider top players which have a pan-India presence and can offer rapid turnaround and flexibility in space management. “That’s where the real opportunity lies,” says Agarwal.

When they started IndiQube in 2015, Agarwal and her co-founder foresaw a significant shift in consumer behavior due to uncertainties, growth constraints, and rigid traditional landlord arrangements. “Our motivation wasn't limited to coworking or managing office spaces. We saw a significant shift in consumer behavior due to uncertainties, growth constraints, and rigid traditional landlord arrangements,” elaborates Agarwal.

This focus on flexibility proved immediately successful. Without prior real estate experience, Agarwal and her co-founder leased out their initial 1.5 lakh square foot building in just a few months. IndiQube rapidly expanded, driven by the belief that flexible, integrated workspaces would become mainstream, even pre-COVID.

Structural factors such as changing consumer preferences, demand for flexibility, and evolving talent dynamics underpin IndiQube’s model. Agarwal identifies the critical driver as talent attraction and retention. “Office spaces exist primarily for talent. If talent isn’t there, spaces become redundant,” she explains. IndiQube categorizes cities not geographically but into micro-markets based on talent availability. “We divide markets into green, yellow, and red zones based on talent availability. High-talent areas get priority investments, ensuring our spaces precisely align with client needs,” says Agarwal.

Unlike traditional coworking spaces, IndiQube’s approach integrates bespoke interior solutions, comprehensive facility management, and scalable technology modules, known as Value Added Services. “Clients increasingly seek solutions where upfront capital expenditure is replaced by operational expenses, simplifying their financial planning. We offer exactly this flexibility,” says Agarwal.

IndiQube focuses on leasing rather than owning properties, with a presence in 13 cities, and 100 centres spanning over 8 million square feet under management. As of FY24, Bengaluru, with 55 centres, accounts for the largest revenue share at 66%, followed by Pune (14.97%), Chennai (10%), and other cities including Coimbatore, Gurugram, Mumbai, and Hyderabad making up the balance. Agarwal strongly believes the south, particularly Bengaluru, remains key to IndiQube's strategic growth. “Bengaluru alone absorbs about 22 million square feet annually, nearly a third of India's total commercial real estate absorption. The region's robust IT and ITES sectors, extensive talent pools, and consistent real estate demand underpin our strategic focus,” says Agarwal.

When IndiQube enters an expensive market such as Mumbai, the typical breakeven period averages around five to six months, a timeline consistent across various cities but influenced heavily by specific micro-market dynamics. Prime areas like those near metro stations in Mumbai or prominent locations in Bengaluru tend to have shorter breakeven periods. Conversely, challenging micro-markets, such as Navi Mumbai or Bengaluru's Electronic City, see extended breakeven periods due to higher acquisition costs and lower operational efficiency. Currently, Mumbai primarily serves as a market for IndiQube’s presence rather than scalability or dominance, with only four offices. Although the company actively renovates older buildings in these costly regions, the high real estate prices typically restrict IndiQube to leasing individual floors, limiting the flexibility and scalability achievable elsewhere. “We renovate older buildings, but high costs limit us to floors, reducing flexibility,” says Agarwal. By comparison, in Bengaluru, IndiQube can secure, for example, three buildings at approximately ₹250 per square foot, facilitating quicker breakeven compared to investing the same resources in just one floor in Mumbai.

The company, as per its DRHP, has an occupancy rate of approximately 80.76%, serving 737 clients. Significantly, 424 clients, representing 87% of the area under management, have contract tenures exceeding 24 months. This highlights the company’s stability and client retention capability.

Despite competition from larger global providers with greater brand recognition and financial resources, IndiQube remains confident in its unique value proposition. Agarwal acknowledges, “While competitors might have certain advantages, our integrated solution, consistent client experience, and strategic market presence position us distinctively.”

A recent study by Avendus Capital forecasts the flexible workspace segment in India growing at a compounded annual growth rate of 15%, reaching 126 million square feet by 2028—a market size of about $9 billion. IndiQube plans to capitalize on this growth, aiming to raise ₹462 crore from its IPO for establishing new centres, ₹100 crore to replace borrowings, and an additional pre-IPO raise of ₹150 crore. “The decision not to cash out reflects our strong belief in the potential of the business,” says Agarwal.

On whether the IPO proceeds will be sufficient to support growth at IndiQube, which clocked over ₹830 crore in FY24, Agarwal says, “Given our current trajectory, we believe this fundraise will provide a comfortable runway for at least the next few years.” Unless there's an inorganic opportunity—such as an acquisition—she doesn’t foresee the need for additional capital. “Our strong internal accruals and continued profitability will support ongoing expansion, including our current pace of adding 1.5 to 2 million square feet annually,” says Agarwal.

Frequently Asked Questions

What is IndiQube's unique value proposition?

IndiQube's unique value proposition lies in its integrated workspace model, which offers comprehensive solutions including bespoke interior design, facility management, and scalable technology modules, replacing upfront capital expenditure with operational expenses.

How does IndiQube categorize cities for its expansion?

IndiQube categorizes cities into micro-markets based on talent availability, dividing them into green, yellow, and red zones. High-talent areas receive priority investments, ensuring precise alignment with client needs.

What is IndiQube's current occupancy rate and client retention?

IndiQube has an occupancy rate of approximately 80.76% and serves 737 clients. Notably, 424 clients, representing 87% of the area under management, have contract tenures exceeding 24 months, highlighting the company's stability and client retention capability.

What is IndiQube's strategic focus in Bengaluru?

Bengaluru is a key strategic focus for IndiQube due to its robust IT and ITES sectors, extensive talent pools, and consistent real estate demand. The city alone absorbs about 22 million square feet annually, nearly a third of India's total commercial real estate absorption.

What are IndiQube's plans for future growth and funding?

IndiQube plans to raise ₹462 crore from its IPO to establish new centres, ₹100 crore to replace borrowings, and an additional pre-IPO raise of ₹150 crore. The company aims to leverage its strong internal accruals and profitability for ongoing expansion, including adding 1.5 to 2 million square feet annually.