India’s listed managed offices space segment has got more crowded over the past month, with Smartworks and IndiQube becoming the newest coworking solutions providers to list on the bourses.

While three new-age tech coworking space providers are currently listed on the exchanges – Awfis, Smartworks and IndiQube, this number is expected to rise further in the coming months. WeWork India and DevX are two such entities which have already filed their IPO papers with SEBI, while Incuspaze and some others are said to be firming up their public listing plans.

The rush to the bourses comes on the back of a rapid surge in the Indian coworking space market. The market is estimated to reach a size of almost $3 Bn by 2030 from $2 Bn in 2025, clocking a CAGR of 7% due to increasing adoption of hybrid work models and the rising demand from startups, freelancers, enterprises and global capability centres (GCCs).

Amid this boom, the Q1 FY26 financials of the three listed coworking players provided a deeper insight into the market. Let’s take a look at how the three players stack up against each other.

The Divergence In Business Models

IndiQube, Awfis, and Smartworks have fundamentally different approaches for the coworking market. Most recently listed IndiQube positions itself as a custom-solutions provider through its........

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