CRISIL Ratings has upgraded its rating for IndiQube, a flexible workspace company to CRISIL A+/Stable.
The company generated a revenue of ₹841 crore for FY24 registering a 42% growth over Rs 592 crore reported in FY23. Its reported PAT more than tripled to ₹67.7 crore in FY24 compared to ₹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 healthy financial risk profile have been listed among 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.
