The Idea to IPO Builder
IndiQube, founded by Meghna Agarwal in 2015, provides flexible, plug-and-play workspaces across 17 cities, serving 830+ clients.
Meghna Agarwal, Co-Founder, IndiQube
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Raised in the small town of Alwar, Rajasthan, Meghna Agarwal grew up in a traditional Marwari family — but with progressive parents who insisted on education and independence. A qualified Company Secretary and MBA from IMT Ghaziabad, she was clear early on that she wanted to build her own professional identity. “I never saw myself following a conventional path,” she says. She initially aspired to be an investment banker. But post-9/11 market instability shrank opportunities in global finance. What felt like a setback became a turning point. Around that time, she met Rishi, who was building CareerNet. At 25, their conversations evolved into action — and she co-founded HirePro Technologies.
“In many ways, I became an entrepreneur by accident. But once I stepped in, I knew I belonged here.”
The idea for IndiQube in 2015 emerged from lived frustration. As her team expanded, Agarwal found herself repeatedly shifting offices due to headcount growth and rigid lease structures. India’s commercial real estate ecosystem lacked flexibility for growing companies. So she built the solution. Today, IndiQube operates across 17 cities, nearly 130 properties, and close to 10 million sq. ft. of office space — offering plug-and-play managed workspaces, design and build services, technology integration, sustainability solutions, and tenant value-added services.
Her first believers weren’t investors — they were clients from her earlier ventures. Soon, large consulting firms and high growth startups validated the model. In 2018, WestBridge Capital and seasoned investor Ashish Gupta came on board, marking IndiQube’s first institutional round of around INR 100 crore. In 2022, the company raised around INR 225 crore. In 2025, IndiQube went public, raising INR 700 crore through its IPO. “Capital gave us scale. Conviction gave us direction,” she says.
IndiQube today serves over 830 clients. Nearly 40% are Global Capability Centers, while 60% include Indian conglomerates, unicorns, and funded startups. Around 45% of revenue comes from multi-center clients, and 64% of clients take over 300 seats — underscoring its enterprise positioning. One of its strongest metrics? Negative churn. “Our clients expand with us. That’s the biggest validation.”
When she began, she was told real estate required legacy networks, deep pockets, and local influence. “We had none of that. I moved to Bengaluru as a migrant. No real estate family background. No local roots. No large capital backing.” What she did have: disciplined capital allocation, fair landlord partnerships, and consistent client delivery.
COVID was the ultimate stress test. With narratives predicting the death of offices, IndiQube doubled down on balance sheet discipline and client support. The result: record revenues post-recovery. In Q3 FY26, company reported, IGAAP equivalent revenue of INR 395 crore and INR 40 crore PAT. For the nine-month period, revenue stood at INR 1,063 crore, with INR 95 crore PAT.
IndiQube follows a simple growth philosophy: “Follow the talent.” The company plans to deepen presence in highdensity micro-markets across existing cities while expanding strategically into Tier II cities driven by talent migration and cost efficiency. For Meghna Agarwal, the journey is proof that legacy advantages are not mandatory. “With clarity, resilience, and execution, you can create your own space — even in a traditional industry.”
Facts:
Founded: 2015
Cities: 17
Properties: 130
Portfolio Size: 10 million sq. ft.
Clients: 830
GCC Clients: 40%
Multi-Center Revenue Contribution: 45%
Clients with 300+ Seats: 64%
IPO: 2025 (INR 700 crore raised)
Q3 FY26 Revenue: INR 395 crore
9M FY26 Revenue: INR 1,063 crore
Women Employees: 150
Raised in the small town of Alwar, Rajasthan, Meghna Agarwal grew up in a traditional Marwari family — but with progressive parents who insisted on education and independence. A qualified Company Secretary and MBA from IMT Ghaziabad, she was clear early on that she wanted to build her own professional identity. “I never saw myself following a conventional path,” she says. She initially aspired to be an investment banker. But post-9/11 market instability shrank opportunities in global finance. What felt like a setback became a turning point. Around that time, she met Rishi, who was building CareerNet. At 25, their conversations evolved into action — and she co-founded HirePro Technologies.
“In many ways, I became an entrepreneur by accident. But once I stepped in, I knew I belonged here.”
The idea for IndiQube in 2015 emerged from lived frustration. As her team expanded, Agarwal found herself repeatedly shifting offices due to headcount growth and rigid lease structures. India’s commercial real estate ecosystem lacked flexibility for growing companies. So she built the solution. Today, IndiQube operates across 17 cities, nearly 130 properties, and close to 10 million sq. ft. of office space — offering plug-and-play managed workspaces, design and build services, technology integration, sustainability solutions, and tenant value-added services.
