: October 26, 2018
New Delhi: Co-working operator IndiQube Friday said it has entered the Mumbai market by starting a centre with over 600 seats at the Leela Business Park in Andheri.
"The company's first venture in the city will offer over 600 seats, adding to the existing 30 plus workspaces across 5 different cities with a cumulative capacity of around 30,000 seats," IndiQube said in a statement.
The expansion is aided by Series A funding of USD 15 million raised from WestBridge Capital, this June.
With the launch of its workspace at the Leela Business Park, IndiQube will have presence across the cities of Bengaluru, Hyderabad, Chennai, Mumbai and Pune.
Rishi Das, Co-Founder & Chairman, IndiQube said: "Mumbai, the business capital of the country, is a market with great potential for co-working and shared spaces. A lot of start-ups are coming up in Mumbai, owing to the city's prospect for business growth."
He said the company is expanding aggressively and plans to add around 15000-20,000 seats over the next 10-12 months.
"Our target is around 4 million sq ft by 2020 and expansion to Mumbai is a stepping stone towards that," Das said.
Meghna Agarwal, Chief Operating Officer, IndiQube said the company's emphasis on flexibility and quirkiness has been extremely well received in other markets.
"Today, the co-working culture has become contagious; even hotels and malls provide back-end support that fits well with the co-working model," Agarwal said.
Since its inception in 2015, IndiQube has been home to top emerging start-ups, brands and Offshore Development Centers (ODCs) including companies like Levi's, Samsung and Grant Thornton.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.