Flexible workspace provider Incuspaze has secured ₹150 crore in a fresh funding round led by Bharat Value Fund, marking another major milestone in its growth journey as the company prepares for a planned initial public offering (IPO) in FY29. The new capital will support expansion into key commercial markets, strengthen technology capabilities, and fund strategic acquisitions aimed at reinforcing its leadership in India’s rapidly growing managed workspace sector.
The latest investment comes nearly two years after Incuspaze raised $8 million (approximately ₹67 crore) in its maiden institutional funding round in July 2024, led by the India Inflection Opportunity Fund. Since then, the company has significantly expanded its footprint through acquisitions and organic growth.
Founder and CEO Sanjay Choudhary said the fresh capital infusion will help the company accelerate its expansion plans, deepen its presence in strategic markets such as Hyderabad, invest in advanced technology platforms, and continue pursuing acquisitions that align with its long-term vision.
A key focus area for the company is Hyderabad, where it recently acquired managed workspace operator iKeva. The acquisition has strengthened Incuspaze’s position in one of India’s fastest-growing commercial office markets. The company now plans to expand its managed office portfolio in Hyderabad to more than one million square feet during FY27.
According to Sanjay Chatrath, Co-founder and Managing Partner of Incuspaze, India’s flexible workspace industry is entering a new phase of growth driven by rising enterprise adoption, hybrid work models, and the rapid expansion of Global Capability Centres (GCCs). He noted that the new funding will enable the company to enhance customer experiences while building a future-ready workspace ecosystem across the country.
India’s flexible office market has now crossed the 100 million square feet milestone, with demand increasingly coming from large enterprises, multinational corporations, startups, and fast-growing businesses seeking scalable, technology-enabled office solutions.
Madhu Lunawat, Chief Investment Officer of Bharat Value Fund, said the investment reflects confidence in Incuspaze’s enterprise-focused business model, execution capabilities, and long-term growth strategy.
The company has set an ambitious target of achieving ₹1,000 crore in revenue by FY29 through continued expansion, higher enterprise occupancy levels, and strategic acquisitions. Over the past 18 months, Incuspaze has acquired TRIOS, VSKOUT, and Million Minds at GIFT City, Gujarat, expanding both its operational footprint and technology capabilities.
Currently, Incuspaze operates across 50 locations in 18 Indian cities, managing a portfolio exceeding 4 million square feet. Its offerings include managed office spaces, coworking centres, enterprise workspace solutions, design-and-build services, and customized office strategies, positioning the company to benefit from the sustained growth of India’s evolving commercial real estate and flexible workspace market.
