Incuspaze raises Rs 150 crore in funding led by Bharat Value Fund ahead of planned FY29 IPO

Flexible workspace provider Incuspaze has raised Rs 150 crore in a funding round led by Bharat Value Fund, with participation from other financial institutions, as it looks to scale its managed office business ahead of a planned public listing in FY29.

The company said the capital will be used to expand in key commercial markets, strengthen its technology platform and pursue acquisitions.

“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 Sanjay Choudhary, founder and CEO of Incuspaze.

The round follows Incuspaze’s maiden institutional fundraise in July 2024, when it raised $8 million led by India Inflection Opportunity Fund and other financial institutions.

The latest funding also comes shortly after Incuspaze acquired iKeva, a managed workspace operator with a presence in Hyderabad and Bengaluru. The acquisition strengthens Incuspaze’s presence in south India and supports its plan to expand its Hyderabad portfolio to more than 1 million sq ft of managed office space in FY27.

“The managed workspace sector in India is entering its next phase of growth, driven by enterprise adoption, hybrid work strategies and the rapid expansion of global capability centres,” said Sanjay Chatrath, co-founder and managing partner of Incuspaze.

“With this funding, we are well-positioned to scale our platform, enhance customer experiences and create a future-ready workspace ecosystem across India,” he said.

Incuspaze has been expanding through a mix of acquisitions and leasing activity. Over the past 18 months, it has acquired TRIOS and VSKOUT, strengthening its operational footprint, technology capabilities and market intelligence.

In Gujarat, the company recently leased 60,000 sq ft at Million Minds Tech City on the Ahmedabad-GIFT City corridor, taking its total portfolio in the state to about 170,000 sq ft.

The fundraise comes as India’s flexible office market continues to expand, supported by demand from enterprises, global capability centres and high-growth businesses seeking scalable workspace solutions. The country’s flex office stock has crossed the 100 million sq ft mark.

“Incuspaze has demonstrated strong execution capabilities, a differentiated enterprise-led business model and a clear vision for the future of work,” said Madhu Lunawat, chief investment officer of Bharat Value Fund.

Incuspaze is targeting revenue of Rs 1,000 crore by FY29 through expansion, higher enterprise occupancy and acquisitions.

Founded in 2016, Incuspaze provides managed offices, coworking spaces, enterprise workspace solutions, design-and-build services and flexible leasing options. The company operates 50+ locations across 18+ cities, with a portfolio of more than 4 million sq ft.