Workspace solution provider Incuspaze has successfully raised approximately $8 million in its maiden funding round, led by the India Inflection Opportunity Fund (IIOF) alongside other financial institutions.
This strategic investment is set to enhance Incuspaze’s ability to deliver premium workspace solutions to enterprises, MSMEs, and startups, the company announced in a statement.
Boasting a portfolio of 3 million square feet across 18 cities and 44 locations, Incuspaze recently leased 220,000 square feet in Gurugram’s M3M Urbana project. Under the leadership of Sanjay Choudhary, the eight-year-old firm plans to expand its footprint in southern India, focusing on Bengaluru, Chennai, and Hyderabad. Among its top clients are prominent companies like PhonePe, Byju’s, Flipkart, and Girnarsoft.
For the fiscal year ending in March 2023 (FY23), Incuspaze reported a significant increase in operating revenue, which more than tripled to Rs 50 crore from Rs 14.84 crore in FY22. Additionally, the firm managed to reduce its losses to Rs 98 lakh from Rs 5 crore. The annual report for the last fiscal year (FY24) is yet to be filed.
According to a June 2024 report by property consultancy Colliers, the flexible office space segment in India’s top-6 cities saw its highest-ever quarterly demand in the April-June period, with Bengaluru and Delhi-NCR accounting for 65% of the overall demand.
In November last year, Pantomath Financial Services Group closed its pre-IPO fund, the India Inflection Opportunity Fund (IIOF), at $60 million. While Incuspaze has not commented on its IPO plans, the investment from IIOF suggests a potential public listing, as the fund typically invests in companies preparing for IPOs.
In the co-working sector, Awfis was the first Indian startup to list on the stock exchange. Recently, another co-working startup, Smartworks, moved towards a potential public listing by converting it into a public company.
