Co-working space provider IndiQube, which has filed for an 850 crore rupees (US$99.7 million) IPO, reported a net loss of 341.51 crore rupees (US$40 million) for FY24.

This figure represents a 72% increase from the previous year’s loss of 198.10 crore rupees (US$23.2 million).

The rise is largely due to significant losses on the fair valuation of financial liabilities.

Despite this, IndiQube’s operating revenue rose by 44%, reaching 867.66 crore rupees (US$101.8 million) in FY24, up from 601.28 crore rupees (US$70.5 million) in FY23.

IndiQube’s primary revenue source is leasing coworking spaces.

Leasing income for FY24 amounted to 741.58 crore rupees (US$87 million), a 44% increase from 515.24 crore rupees (US$60.4 million) in FY23.