Just days away from becoming the third publicly-listed real estate tech company, Bengaluru-based IndiQube is betting on an asset-light model to stand out from key rivals — listed players Awfis and Smartworks as well as another IPO-bound company WeWork India.

All four companies are in the coworking space, but there are fundamental differences in their business model, which is relevant to understanding their growth trajectory and unit economics.

In fact, all four have vastly different business and revenue models, which has added to the intrigue in the listed coworking companies segment.

Incidentally, IndiQube, Awfis and Smartworks were all founded in the same year, which perhaps necessitated these differentiated models in the first place.

The Diverse Coworking Models

While WeWork India’s business model is more vertically integrated than the rest, IndiQube’s asset-light model is seen as a long-term advantage.

IndiQube focusses on long-term leases (often 10 years with a 3-year lock-in), unlike Awfis, which has a managed coworking space model in partnership with developers, or Smartworks, which focuses on leasing large properties and transforming them into managed campuses.

Delving deeper into its asset-light model reveals that IndiQube has adopted an “office in a box” strategy with an emphasis on customisable solutions.

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