Listed coworking space provider IndiQube Spaces’ board has approved an investment of up to ₹35 Cr in SaiEdge Realty to acquire up to a 49% stake.
SaiEdge will develop commercial office spaces that IndiQube intends to lease upon completion, the latter said in an exchange filing
The investment will be made in cash, in one or more tranches, through subscriptions to equity shares and/or convertible securities.
Incorporated on July 28, SaiEdge has a paid-up share capital of ₹1 Lakh and is yet to commence operations or generate turnover. Its remaining shareholding will be held by other investors.
Separately, IndiQube’s board appointed Ishwar Subramanian as an additional independent director, effective yesterday. His appointment for a five-year term, ending October 18, 2031, is subject to shareholder approval.
The board also reconstituted the company’s audit committee, with Subramanian appointed as chairperson. Independent director Sachi Krishana and executive director and CEO Rishi Das will serve as members.
The appointment follows the resignation of independent director Avalur Gopalaratnam Muralikrishnan, effective yesterday.
Founded in 2015 by Rishi Das and Meghna Agarwal, Bengaluru-based IndiQube provides managed workspaces to startups, SMEs, and large enterprises. Its offering covers workspace design, interior fit-outs, facilities management, and employee services such as transport.
The company primarily leases properties and customises them to suit clients’ requirements. It competes with Awfis and Smartworks, among other flexible workspace operators, with its model centred on tailored offices and long-term client relationships.
IndiQube listed on the bourses in July 2025, following a ₹700 Cr IPO comprising a ₹650 Cr fresh issue and a ₹50 Cr OFS by its cofounders. Its shares debuted at ₹218.70 on the BSE and ₹216 on the NSE, discounts of 7.7% and 8.8%, respectively, to the ₹237 issue price.
On the financial front, IndiQube’s net loss narrowed 35% to ₹23.9 Cr in Q1 FY27 from ₹36.8 Cr a year earlier. However, loss widened 5% QoQ from ₹22.7 Cr.
Operating revenue grew 37% YoY and 5% QoQ to ₹422.6 Cr. Including other income of ₹26.1 Cr, total income stood at ₹448.7 Cr. The company is yet to report its Q2 FY27 numbers.
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