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Combining profitability and scalability, Meghna Agarwal challenges traditional norms, steering IndiQube towards innovative solutions in workspace design, technology, and employee-centric services.
Mayura Shanbaug
In an industry often dominated by hyper-funded, high-growth startups, Meghna Agarwal, Co-founder, IndiQube, has crafted a unique path. With 7.2 million square feet of operational area across 14 cities, 100 centers, and 600 employees, IndiQube recorded a top line of ₹850 crores for FY24. Agarwal takes pride in the company’s financial health, being EBITDA-positive from the outset. “We are a high-growth startup with profitability – defying the conventional wisdom that growth and profitability can’t coexist,” she asserts.
A Philosophy Rooted in Experience
For Agarwal, the key to success lies in delivering a holistic experience. According to her, revenue naturally follows when employees are satisfied and the service is aligned with their needs. However, IndiQube’s mission extends beyond profitability. “You don’t start a company just to earn money. You start to make an impact,” she says.
IndiQube’s approach revolves around its full-stack workspace solutions, ranging from plug-and-play setups to bespoke interior solutions through its IndiQube Canvas. This one-stop shop allows clients to experience and select office interior components, from carpets to lighting, tailored to their requirements.
Technology and Expansion
Technology is integral to IndiQube’s growth strategy. The company offers a three-tier tech stack integrating services like food, transport, and optimising air quality. The company also provides employee engagement tools, from 24/7 ticketing systems to workspace design insights. “Our model focuses on enhancing interactions with spaces,” Agarwal notes, adding that their service extends to residential setups, catering to the rise of hybrid work models.
IndiQube is also embracing the shift toward tier-2 and tier-3 cities, acknowledging that work is moving where the talent is. Meghna envisions a future where satellite offices and the hub-and-spoke model enable employees to “walk to work,” blending convenience with collaboration and culture-building.
Valuation and Long-Term Vision
Agarwal rejects the perception that valuation is purely a function of hypergrowth. “Valuation is subjective,” she explains, emphasising the importance of sustainable unit economics and addressing real customer needs. She criticises the notion that profitability is a recent revelation, stating, “Profitability should have always been the first mantra of business.” IndiQube’s partnership with WestBridge Capital reflects this long-term vision.
As a first-generation entrepreneur, Agarwal candidly discusses the challenges of navigating investor expectations and societal biases. “I was told a woman can’t run a scalable business, especially in real estate. We are here to break those stereotypes,” she declares.
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Disclaimer: Content Produced by ET Start Up Awards 2024
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