Global Capability Centres make up 43.5% of IndiQube’s clientele, says ICICI Securities report

Bengaluru-based managed workspace operator Indiqube has built a strong presence among multinational firms running Global Capability Centres (GCCs) in India.

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As of March 31, 2025, the company served 769 clients, with GCCs making up 43.56% of its clientele, according to the ICICI Securities report. Indian enterprises accounted for the remaining 56.44%.

The mix of clients highlights Indiqube’s balanced positioning between domestic businesses and global corporations. What also stands out is the company’s ability to attract customers directly. Nearly 60% of its clients, 59.56% to be exact, were acquired without the involvement of brokers, pointing to a growing brand credibility in the managed workspace market.

It's worth noting that Indiqube’s business is heavily tilted towards enterprises that require significant office space. By the end of March 2025, clients with more than 300 seats contributed 63.06% of the company’s portfolio. These large occupiers typically sign longer commitments, and Indiqube reported an average lock-in period of 36 months across such clients.

From the company's view, the emphasis on bigger mandates gives greater stability in occupancy and revenue. Large clients also tend to expand over time, which creates opportunities for Indiqube to deepen relationships within existing accounts.

The company’s strong exposure to GCCs also fits into a broader industry trend. According to ICICI Securities, more than half of India’s net office demand between calendar years 2024 and 2027 is expected to come from these global centres. GCCs have been expanding in India to take advantage of the skilled talent pool and cost efficiencies, and flexible workspace operators like Indiqube are benefiting from this demand.

Most recently, British luxury automobile and power systems major Rolls-Royce opened its largest Global Capability and Innovation Centre (GCC) in Bengaluru, Karnataka.

Earlier in February 2025, NLB Services' report said that Indian GCCs are on track to create between 4.25 lakh and 4.5 lakh new jobs this year. The report further indicated that the total GCC workforce could reach 3.3 million by 2030, closing in on India’s traditional IT services sector.

Notably, BlackRock Services India Pvt. Ltd., the local arm of the world’s largest asset manager BlackRock, recently signed a 10-year lease for 143,127 square feet at IndiQube Symphony on MG Road in Bengaluru’s central business district.

Indiqube managed 120 centres across 15 cities as of June 2025, with a total area under management of 8.7 million square feet. Of this, 6.5 million square feet was operational, and the company reported an overall portfolio occupancy of 85% in the first quarter of FY26.

Bengaluru remains its biggest market, accounting for 68 centres and 5.7 million square feet of workspace.

The combination of GCCs and Indian enterprises, along with a focus on larger occupiers and direct client acquisition, has given Indiqube a balanced portfolio. With GCCs set to remain a key driver of India’s office market over the next few years, the company’s existing client mix positions it to capture a meaningful share of that growth.

IndiQube hit the Dalal Street in late July with its Rs 700 crore IPO. The IPO comprised a fresh issue of Rs 650 crore and an offer for sale of Rs 50 crore by the promoters, Rishi Das and Meghna Agarwal.