Incuspaze, a flexible workspace provider based in Gurugram, has successfully raised $8 million in its first funding round. The investment was led by the India Inflection Opportunity Fund (IIOF) and other financial institutions.
Investment and Growth Potential
Madhu Lunawat, Chief Investment Officer of IIOF, commented on the investment, saying, “Incuspaze has shown impressive growth and resilience in a competitive market. Our investment aligns with our strategy of supporting companies with strong potential for long-term success and profitability.”
What Does Incuspaze Do?
Founded in 2016 by Sanjay Choudhary, Incuspaze offers a vibrant network of managed offices, co-working spaces, and traditional setups. The company operates in 44 locations across 18 cities, providing flexible workspace solutions for various businesses.
Focus on Business Expansion
Incuspaze claims a portfolio of 3 million square feet of workspace across 18 cities. Recently, the company leased 220,000 square feet in Gurugram’s M3M Urbana project and an additional 600,000 square feet in the June quarter. CEO Sanjay Choudhary stated, “This investment will significantly enhance our ability to provide top-tier workspace solutions tailored to enterprises, MSMEs, and startups. With our clear profitability matrix and enterprise-focused approach, we aim to become a dominant player in India’s flexible workspace market.”
Incuspaze Financial Performance
Incuspaze has shown a significant increase in operating revenue, growing from ₹14.84 crore in FY22 to ₹50 crore in FY23. The company also reduced its losses from ₹5 crore to ₹98 lakh during the same period. Incuspaze serves notable companies like PhonePe, Byju’s, Flipkart, and Girnarsoft.
Future of Flexible Workspace Market
The flexible workspace market is expected to grow substantially, driven by increasing demand from large enterprises, startups, and global capability centres. The Indian flexible workspace sector is the fastest-growing in the world. It is projected to reach 100–140 million square feet by 2030, up from 55 million square feet in 2024.
