Coworking operator Incuspaze is targeting $25 million in fresh funding to accelerate its expansion across India’s major business hubs.
The company plans to add another 2 million square feet of office space by December 2025 as it doubles down on growing its footprint in key markets such as Delhi-NCR, Pune, Bengaluru, and Hyderabad.
“We’ve seen a strong uptick in demand for premium office space, particularly from multinational corporations setting up Global Capability Centres (GCCs) in India,” said Sanjay Choudhary, Founder and CEO of Incuspaze.
Over the past six months, the startup has added 2 million square feet across cities like Delhi-NCR, Mumbai, Chennai, Pune, Jaipur, Lucknow, and Bengaluru. Earlier this year, Incuspaze leased 580,000 square feet in Gurugram to meet the growing demand from corporate clients.
Incuspaze is also gearing up for a potential initial public offering in the coming years, with the current $25 million funding round aimed at strengthening its portfolio and scaling operations ahead of the public debut.
Founded in 2016, Incuspaze currently operates 44 locations across 18 cities, managing a portfolio of 4 million square feet of office space. Incuspaze manages properties that combine managed offices, coworking spaces, and traditional offices across Tier I and Tier II cities. The company calls it “Space as a Service,” catering to enterprises, MSMEs, and startups.
According to a Knight Frank report, India’s flexible office space market has experienced a compound annual growth rate of 29% in space absorption between 2017 and 2023, driven by evolving occupier demands.
Flexible workspaces, initially popular among freelancers and startups, are now increasingly favoured by medium and large enterprises due to their cost-effectiveness, scalability, and adaptability to hybrid work models, the report noted.
It added that the share of flexible spaces within the office market is steadily rising, with major growth observed in Tier I cities like Bengaluru, Delhi-NCR, and Pune, which collectively account for over 60% of the flex space portfolio.
