1 week Ago
CRISIL Ratings has upgraded its rating for flexible workspace company IndiQube to CRISIL A+/Stable, marking a significant milestone for the company. 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. 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 Mar’23 to CRISIL A / Positive in Novemebr 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 over 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.
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