IndiQube Expands Bengaluru Footprint, Targets 11.47 Mn Sq Ft by FY28

IndiQube’s Strategic Leap in Bengaluru’s Flexible Workspace Market

In a bold move to deepen its presence in India’s largest flexible workspace market, IndiQube Spaces Limited has leased approximately 320,000 square feet across three prime towers in Bengaluru’s Central Business District (CBD). This space, branded as IndiQube Symphony, is part of an ambitious renovate-and-upgrade project secured on a 15-year lease, reflecting IndiQube’s confidence in Bengaluru’s thriving office real estate ecosystem.

A Growth Strategy Powered by Fresh Capital and Vision

Backed by a ₹650 crore IPO fundraise, with ₹462.6 crore earmarked for new centre capex, IndiQube plans to add 3 million square feet of flexible workspace stock over the next three years. This is projected to boost its assets under management (AUM) to 11.47 million square feet by FY28, symbolizing the company’s intent to lead India’s managed workspace sector.

Bengaluru Leads the Expansion Charge

Bengaluru is poised to contribute significantly to this growth, with 1.79 million square feet of new workspace stock planned in the city alone. By FY28, IndiQube’s total AUM in Bengaluru is expected to reach 7.22 million square feet. Currently, the company operates 115 centres across 15 cities with 8.4 million square feet under management, of which Bengaluru accounts for 65 centres and 5.43 million square feet of AUM.

Multi-City Expansion with a Hub-And-Spoke Model

Besides Bengaluru, IndiQube’s expansion includes Chennai—projected to grow by 740,000 sq ft—and emerging tier-2 cities, slated for an additional 360,000 sq ft increase. The company’s innovative hub-and-spoke model enables testing smaller properties before scaling up to larger centres, ensuring operational viability and prudent capital deployment.

Robust Financial Backing and Market Confidence

IndiQube recently raised over ₹314 crore from anchor investors at ₹237 per equity share, indicating strong market trust. Anchor investors include reputed names like Aditya Birla Sun Life MF, WhiteOak Capital, Bandhan, and Motilal Oswal Mutual Fund. The company reported a revenue CAGR of 35% from FY23 to FY25, with FY25 income at ₹1,103 crore and an EBITDA of ₹660 crore, boasting high occupancy levels near 87% in steady-state centres.

Driving India’s Flexible Workspace Future

According to Colliers, flexible office spaces accounted for 19% of India’s overall leasing volume in H1 2025—up from 15% a year ago—with Bengaluru contributing one-third of flex leasing in Q2 alone. IndiQube’s footprint and growth plans align seamlessly with this dynamic market trajectory, positioning it as a frontrunner in shaping India’s office landscape.