Gurugram-based flexible workspace provider Incuspaze has successfully raised $8 million in its maiden funding round. The investment, led by the India Inflection Opportunity Fund (IIOF) along with other financial institutions, marks a significant milestone for the company.
Madhu Lunawat, Chief Investment Officer of IIOF, commented, “Incuspaze has demonstrated impressive growth and resilience in a competitive market. Our investment aligns with our strategy of backing companies with strong potential for long-term success and profitability.”
Founded in 2016 by Sanjay Choudhary, Incuspaze has established itself as a key player in the flexible workspace sector. The company operates a vibrant network of managed offices, co-working spaces, and traditional setups across 44 locations in 18 cities.
Incuspaze’s portfolio encompasses 3 million square feet of workspace across 18 cities and 44 locations. Recently, the company secured a lease for 220,000 square feet in Gurugram’s M3M Urbana project and an additional 600,000 square feet in the June quarter.
“This investment will significantly bolster our capabilities 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,” said Sanjay Choudhary, CEO of Incuspaze.
The startup has reported substantial growth in its financial performance, with operating revenue increasing from Rs 14.84 crore in FY22 to Rs 50 crore in FY23. Additionally, the company reduced its losses from Rs 5 crore to Rs 98 lakh during the same period.
Incuspaze’s client roster includes prominent companies such as PhonePe, Byju’s, Flipkart, and Girnarsoft.
The flexible workspace sector in India is witnessing rapid growth, driven by rising demand from large enterprises, startups, and global capability centres. The market is expected to expand significantly, with projections indicating it will reach 100–140 million square feet by 2030, up from 55 million square feet in 2024.
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