Funding · Professional & Local Services
Incuspaze raises ₹150 crore led by Bharat Value Fund
By Startup Enthusiast ·
- Date
- Company
- Incuspaze
- What it does
- Managed office and coworking spaces
- Kind
- Funding
- Amount
- ₹150 Cr
- Stage
- growth
- Founded
- 2016
What they do
Incuspaze provides managed offices, coworking spaces, and enterprise workspace solutions across 18 cities
What happened
It raised ₹150 crore in equity and debt led by Bharat Value Fund and other financial institutions
Why it matters
The company also acquired Hyderabad-based iKeva, adding 5 lakh sq ft of workspace across 18 centres in Hyderabad and Bengaluru
The details
- Incuspaze raised ₹150 crore in equity and debt funding.
- The round was led by Bharat Value Fund along with other financial institutions.
- The company also acquired iKeva, a managed workspace operator in Hyderabad, via a 100% buyout.
- The iKeva deal added 5 lakh sq ft of workspace across 18 centres in Hyderabad and Bengaluru.
- The acquisition is expected to add nearly ₹100 crore to Incuspaze's revenue.
- Incuspaze plans to use the funds to strengthen presence in key commercial markets.
- It will also accelerate technology investments and pursue strategic acquisitions.
- The company is preparing for a planned public listing in FY29.
The bigger picture
- India's flexible office industry crossed 100 million sq ft milestone, driven by enterprises and GCCs.
- Co-working operators took on rent a record 8.6 million sq ft in January-June 2026.
- India's coworking market is projected to grow from $4.5 billion in 2026 to $8.7 billion by 2031.
- Incuspaze competes with WeWork India, Smartworks, Awfis, and IndiQube.
About the business
- Incuspaze was founded in 2016 and provides managed offices, coworking spaces, and enterprise workspace solutions.
- It also offers design-and-build services for office spaces.
- The company sub-leases shared office space to enterprises on a per-desk basis.
- Charges range from ₹5,000 to ₹50,000 per workstation per month.
- Incuspaze operates 80+ centres across 18 cities, with a portfolio of 4 million sq ft.
- It targets ₹1,000 crore in annual revenue by FY29.
What happens next
- Strengthen presence in key commercial markets.
- Accelerate technology investments.
- Pursue strategic acquisitions.
- Add another 5 lakh sq ft of managed office space in FY27.
- Target over 1 million sq ft of managed office space in Hyderabad in FY27.
- Prepare for a planned public listing in FY29.
The deal
- Type
- equity and debt
Investors
- Bharat Value Fund (lead) — Bharat Value Fund is an investment fund; its CIO is Madhu Lunawat.
Founders
- Sanjay Choudhary, Founder and CEO
- Sanjay Chatrath, Co-founder and Managing Partner
About Incuspaze
- Product
- Managed offices, coworking spaces, enterprise leasing, and design and build solutions
- Customers
- Enterprises, startups and professionals seeking flexible workspace solutions
- How it makes money
- B2B - managed workspace and flexible office solutions with technology platform
- What sets it apart
- Consolidated managed workspace platform with 80+ centres across 18 cities and tech-enabled operations
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