Coworking Space Provider Incuspaze Bags ₹150 Cr For M&A Push Ahead Of IPO
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Managed workspace provider Incuspaze has raised ₹150 Cr (about $15.9 Mn) in a fresh funding round led by Bharat Value Fund and other financial institutions as it gears up for its planned IPO in FY29.
The fresh capital will be used to expand Incuspaze’s footprint across key markets, invest in technology, and bankroll strategic acquisitions, the startup said in a statement.
The development comes weeks after Incuspaze acquired a 100% stake in Hyderabad-based managed workspace operator iKeva. While the startup did not disclose the financial details of the deal, it said the acquisition was expected to add nearly ₹100 Cr to its revenue and support its target of reaching ₹1,000 Cr in annual revenue by FY29.
Incuspaze added 5 Lakh sq ft of workspace across 18 centres in Hyderabad and Bengaluru to its portfolio through the acquisition. It also plans to add another 5 Lakh sq ft of managed office space in FY27.
Founded in 2016 by Sanjay Choudhary and Sanjay Chatrath, Incuspaze currently operates more than 80 centres across 18 cities, with a portfolio spanning 4 Mn sq ft. The startup offers managed offices, coworking spaces, enterprise workspace solutions and design-and-build services.
“The capital infusion will enable us to accelerate our expansion plans, deepen our presence in strategic markets such as Hyderabad, invest in technology, and continue pursuing growth opportunities that complement our vision”, said founder and CEO Choudhary.
The startup has been on an acquisition spree over the past year. In June 2025, it acquired Pune-based coworking startup TRIOS in a cash-and-stock deal. A month later, it bought real estate-focused B2B SaaS platform VSKOUT through a cash-and-equity swap to strengthen its GCC-focused offerings.
Incuspaze also explored a $25 Mn (about ₹211 Cr) pre-IPO funding round in 2024. Earlier that year, it raised $8 Mn (about ₹67 Cr) in its maiden institutional funding round led by India Inflection Opportunity Fund and other investors.
Incuspaze competes with the likes of WeWork India, Smartworks, Awfis and IndiQube in India’s flexible workspace market.
India’s coworking market is projected to grow from $4.5 Bn in 2026 to $8.7 Bn by 2031 at a 13.94% CAGR, driven by rising hybrid work adoption, enterprise demand and expansion beyond metro cities.
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