IndiQube’s Ambitious Expansion Plans in Flexible Workspaces

IndiQube Spaces Limited, a leader in managed workplace solutions, is poised to dramatically expand its commercial real estate footprint across India, with an impressive plan to add 3 million square feet of flexible workspace over the next three years. This growth initiative will primarily be funded through the proceeds from the company’s upcoming Initial Public Offering (IPO), indicating a robust strategy aimed at leveraging market opportunities in the fast-evolving workspace sector.

Funding and Growth Targets

The IPO has earmarked Rs 462.6 crore specifically for capital expenditures dedicated to launching new centers. With this substantial investment, IndiQube aims to increase its total Area Under Management (AUM) to a staggering 11.47 million sq.ft. by FY28.

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Bengaluru: The Heart of Expansion

As India’s largest flexible workspace market, Bengaluru plays a critical role in IndiQube’s expansion strategy. With an estimated stock of 29 million sq.ft. as of Q1 CY25, IndiQube plans to enhance its portfolio in the city by adding 1.79 million sq.ft. over the next three years. This increase will elevate the company’s Bengaluru AUM to 7.22 million sq.ft. by FY28, focusing on high-demand micro-markets such as the Central Business District (CBD), Extended Business District (EBD), Outer Ring Road (ORR), North Bengaluru, and Whitefield.

Expansion Beyond Bengaluru

But the growth isn’t limited to Bengaluru. IndiQube also has plans to add 740,000 sq.ft. in Chennai and 360,000 sq.ft. in various Tier II cities throughout the same time frame. As of March 31, 2025, the company managed an impressive portfolio of 115 centers across 15 cities, covering 8.40 million sq.ft. and accommodating 186,719 individuals, with 65 centers located in Bengaluru alone.

Strategic Expansion Approach

IndiQube’s strategic growth plan encompasses both entering new markets and deepening its presence in existing ones. The company intends to adopt a hub-and-spoke model whereby it establishes smaller properties in new geographies, allowing it to assess market demand before investing in larger properties. This strategy mitigates risk while maximizing potential returns. Once the smaller properties demonstrate viability and break even, IndiQube plans to scale up investments into larger, strategically located spaces.

Future Growth Projections

Over the next three years, IndiQube’s ambitious targets involve adding:

• 1.29 million sq.ft. in FY26
• 1.24 million sq.ft. in FY27
• 540,000 sq.ft. in FY28

According to projections, the total flexible workspace stock across Tier I cities is expected to surge to approximately 140-144 million sq.ft. by the end of CY2027. With a Total Addressable Market for this sector projected to range between Rs 730-960 billion during the same timeframe, IndiQube is well-positioned to capture a sizable portion of this lucrative market through its planned expansion, especially with strategically allocated funds from its IPO.

Conclusion

IndiQube’s expansion into flexible workspaces across India signals a strong belief in the future of remote and flexible work environments. By leveraging its upcoming IPO and focusing on both established and emerging markets, IndiQube not only aims to solidify its position as a market leader but also contributes to the overall growth of the commercial real estate sector in the country. For businesses looking for adaptable workspace solutions, the future is looking promising with IndiQube leading the charge.