Gurugram-based managed workspace provider Incuspaze has raised ₹150 crore in a funding round led by Bharat Value Fund, with participation from other financial institutions, as the company scales toward a planned public listing in FY29.
The round comes as India’s flexible office market has crossed 100 million square feet nationally, with enterprises and global capability centres increasingly opting for scalable, ready-to-use offices over conventional long-term leases. That shift has turned managed workspace operators from a coworking niche into a broader corporate real estate category, one now producing IPO candidates alongside peers such as Awfis, Smartworks, IndiQube, and WeWork India.
Founded in 2016 by Sanjay Choudhary and Sanjay Chatrath, Incuspaze has grown to more than 80 locations across 18 cities, managing over 4 million sq ft of office space through managed offices, coworking desks, enterprise leasing, and design-and-build projects. This marks the company’s second institutional round, following roughly $8 million raised from the India Inflection Opportunity Fund in July 2024. In the time since, Incuspaze has expanded through acquisitions of coworking operator TRIOS, real estate SaaS platform VSKOUT, and GIFT City-based Million Minds, along with most recently Hyderabad-based iKeva, a deal it plans to use to push its Hyderabad portfolio past 1 million sq ft in FY27.
“This investment marks an important chapter in Incuspaze’s evolution. Over the past decade, we have built a strong foundation by focusing on enterprise clients, operational excellence, and long-term value creation. 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 & CEO of Incuspaze, on what the fresh capital unlocks for the company.
“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 GCCs. Our acquisition of Ikeva has demonstrated the value of strategic consolidation. With this funding, we are well-positioned to scale our platform, enhance customer experiences, and create a future-ready workspace ecosystem across India,” said Sanjay Chatrath, Co-founder & Managing Partner of Incuspaze, on the broader shift toward enterprise-led workspace demand.
Bharat Value Fund framed the bet in similar terms. “We believe the company is well positioned to capitalise on the structural growth opportunities within India’s flexible workspace sector, and we are excited to partner with the team during this next phase of expansion,” said Madhu Lunawat, Chief Investment Officer at Bharat Value Fund, on the fund’s rationale for backing Incuspaze.
The consolidation strategy behind these four acquisitions within roughly 18 months suggests Incuspaze is positioning itself to enter public markets as a scaled platform business rather than a single-city coworking operator, a distinction likely to matter to IPO-stage investors evaluating the sector.
