Coworking Space Provider Incuspaze Acquires iKeva

Managed and coworking space provider Incuspaze has acquired a 100% stake in Hyderabad-based iKeva. 

In a statement, Incuspaze said the acquisition is expected to add nearly ₹100 Cr to its revenue and support its goal of reaching ₹1,000 Cr revenue by FY29. However, it didn’t disclose the financial details of the acquisition.

With iKeva’s acquisition, Incuspaze will add 5 Lakh square feet of workspace across 18 centres in Hyderabad and Bengaluru to its portfolio. Incuspaze also plans to expand its footprint by another 5 Lakh square feet in FY27.

Founded in 2012, iKeva is a managed workspace provider offering flexible offices, coworking spaces, virtual offices and meeting rooms for freelancers, startups and enterprises. It has a strong presence in Hyderabad and Bengaluru, with additional operations in Mumbai and Chennai.

According to Incuspaze, the acquisition will help improve operational efficiency, strengthen technology capabilities, generate revenue synergies and standardise services across locations.

“This acquisition will expand our regional footprint and drive cost efficiencies and customer experience standardisation across all locations. As MNCs continue to expand their footprint in India and GCCs emerge as a key driver of commercial real estate demand,” Incuspaze founder and CEO Sanjay Choudhary said. 

The development comes as Incuspaze gears up for a potential IPO over the next 24 to 36 months.

Founded in 2016 by Choudhary, Incuspaze currently operates more than 50 offices across 18 cities, with a portfolio spanning over 40 Lakh square feet.

Over the past 18 months, Incuspaze has pursued multiple acquisitions to expand its presence across key commercial markets. In June 2025, the startup acquired Pune-based TRIOS in a cash-and-stock deal, followed by the acquisition of real estate-focused B2B SaaS platform VSKOUT a month later through a cash and equity swap transaction to build a dedicated GCC vertical.

In 2024, Incuspaze was also in talks to raise $25 Mn (around ₹211 Cr) in a pre-IPO funding round. Earlier, in July 2024, the startup raised $8 Mn (around ₹67 Cr) in its maiden funding round led by India Inflection Opportunity Fund and other financial institutions. 

Incuspaze competes with the likes of WeWork India, Smartworks, Awfis, IndiQube, among others.

The acquisition comes as demand for managed and flexible workspaces continues to surge, led by GCCs, multinational corporations and large enterprises expanding their operations in India. The country’s coworking space market is projected to reach a size of $8.7 Bn by 2031, growing at a CAGR of 13.9%. 

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