Flexible workspace provider Incuspaze has raised Rs 150 crore, around $17.5 million, in a funding round led by Bharat Value Fund. Other financial institutions also participated in the round.
The Gurugram-based company plans to use the fresh capital to expand across key markets, strengthen its technology platform, pursue strategic acquisitions, and prepare for its planned IPO in FY29.
The funding comes at a time when flexible office operators in India are seeing steady demand from enterprises, global capability centres and fast-growing companies looking for managed workspace solutions instead of traditional long-term office leases.
Incuspaze: 100 Centres Across 18 Cities
Founded in 2016 by Sanjay Choudhary and Sanjay Chatrath, Incuspaze provides managed offices, coworking spaces, enterprise leasing, and design and build solutions. The company currently operates more than 100 centres across 18 cities and manages a portfolio of over 4 million sq ft.
The latest round also follows Incuspaze’s acquisition of Hyderabad-based managed workspace operator VSKOUT. After the deal, the company plans to expand its Hyderabad portfolio to more than 1 million sq ft.
Incuspaze has been actively using acquisitions to strengthen its position in the flexible workspace market. Earlier this year, it acquired coworking operator TRIOS and real estate SaaS platform VSKOUT as part of its broader consolidation strategy.
The company had raised its maiden institutional funding of around $8 million in July 2024 from India Inflection Opportunity Fund and other financial institutions.
Incuspaze is also setting aggressive growth targets. The company has reportedly aimed for revenue of Rs 350 crore to Rs 400 crore in FY26, compared with around Rs 150 crore in FY25.
India’s flexible office market has crossed 100 million sq ft, supported by demand from enterprises, GCCs and high-growth companies seeking scalable workspace options.
With its planned IPO in FY29, Incuspaze is expected to enter a market where flexible workspace companies are drawing stronger public-market attention. Listed players in the space already include Awfis, Smartworks, IndiQube and WeWork India.
For Incuspaze, the new funding gives it more room to expand, acquire and build technology at a time when India’s managed office market is becoming both larger and more competitive.
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