IndiQube Gets ‘CRISIL A+’ Rating, Reports Rs 68 Crore in PAT for FY24

Bengaluru / September 9, 2024: CRISIL Ratings has upgraded its rating for flexible workspace company ‘IndiQube’ to “CRISIL A+/Stable”. The company generated a revenue of Rs 841 crore for FY24 registering a 42% growth over Rs 592 crore reported in FY23. Its reported PAT more than tripled to Rs 67.7 crore in FY24 compared to Rs 20.6 crore in FY23, IndiQube said in a statement. 

According to CRISIL, this rating upgrade in September 2024 reflects a sustained improvement in the business performance of IndiQube as evidenced by a healthy CAGR of 33.8% over the last 3 years. Additionally, the companies’ strong market position in the flexible workspace segment, diversified client base, healthy occupancy levels and a healthy financial risk profile have been listed amongst the key rating drivers.

IndiQube has been witnessing a steady upgrade from CRISIL in its ratings which saw an improvement from CRISIL A / Stable in March 2023 to CRISIL A / Positive in November 2023 and CRISIL A+ / Stable in September 2024.

IndiQube founded by Rishi Das & Meghna Agarwal in 2015 currently operates around 6.5 Million Sq.ft of office space with 500+ clients across 13 cities. It counts WestBridge Capital & Angel investor Ashish Gupta among its backers and has raised $45 million in two rounds of funding, the statement added.