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IndiQube, a provider of flexible office spaces, has achieved a significant financial turnaround, reporting a net profit in the last fiscal year after experiencing net losses for four consecutive years. WestBridge Capital-backed and operated by Innovent Spaces Pvt. Ltd., the company achieved a remarkable 70 percent year-on-year surge in revenue from operations, reaching Rs 595 crore. This substantial increase is attributed to the continual expansion of its area under management, currently encompassing about 6 million square feet. IndiQube is now targeting a 40 percent rise in revenue for the current fiscal year, aiming to reach Rs 850 crore by adding 3–4 million square feet to its portfolio. Founded in 2015 by chairman and co-founder Rishi Das along with Meghna Agarwal, IndiQube operates as a flexible office space provider in more than 13 cities, including several Tier II towns such as Coimbatore, Jaipur, and Lucknow. The company has successfully secured over 450 customers, maintaining an impressive occupancy rate of over 90 percent. Its diverse clientele includes multinational corporations, Indian-listed players, offshore development centres, and start-ups. A noteworthy aspect of IndiQube's financial success lies in its ability to generate 75–80 percent of its revenues from rental income. The remaining portion is derived from value-added and support services. The company strategically focuses on diversified revenue streams, ensuring a robust financial position, to underscore this shift towards profitability. IndiQube also benefits from stable cash flows thanks to its cash optimization strategies, which include securing client leases with lock-in periods of 2–3 years. In the last fiscal year, IndiQube not only achieved a remarkable net profit of Rs 20.63 crore but also marked a notable departure from the net loss of Rs 18.8 crore recorded in FY22. This financial milestone is particularly significant, as it represents the first time the company has reported a net profit in the last four fiscal years since FY18. The company's client base primarily consists of enterprise clients, such as multinational corporations and offshore development centres, often engaging in leases of 3-5 years. Co-working, while a part of the business, constitutes a smaller percentage of the total rent-yielding assets. Looking ahead, IndiQube is poised for further expansion, with plans to add 3–4 million square feet to its portfolio in the current fiscal year. The company anticipates closing the fiscal year with revenue from operations reaching Rs 850 crore. This strategic growth trajectory solidifies IndiQube's position as a leading player in the flexible office space sector, showcasing both financial resilience and a commitment to meeting the evolving demands of its diverse clientele.
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