July 22, 2024: Incuspaze, provider of Office space solutions for Startups, SMEs & Large Enterprises, has successfully secured about $8 million in its first-ever funding round, led by the India Inflection Opportunity Fund (IIOF) along with participation from other financial institutions.
This strategic investment will enable the startup to enhance Incuspaze’s capacity to deliver high-quality workspace solutions to enterprises, MSMEs, and startups, according to a recent statement by the company.
The workspace solutions startup boasts a substantial portfolio covering 3 million square feet across 44 locations in 18 cities. Recently, the firm secured 220,000 square feet in Gurugram’s M3M Urbana project, underscoring its rapid expansion.
Founded eight years ago by Sanjay Choudhary, Incuspaze is targeting further growth in southern India, with specific focuses on Bengaluru, Chennai, and Hyderabad. The company counts prominent clients such as PhonePe, Byju’s, Flipkart, and Girnarsoft among its top partners.
Financially, according to Entracker The workspace solutions startup reported significant growth for the fiscal year ending March 2023 (FY23), with operating revenue surging to Rs 50 crore from Rs 14.84 crore in FY22. Losses were reduced to Rs 98 lakh from Rs 5 crore during the same period. The company is expected to release its annual report for FY24 soon.
Incuspaze IPO ambitions
The flexible office space segment in India’s top six cities saw unprecedented demand in the April-June period of 2024, according to a June report by Colliers. Bengaluru and Delhi-NCR alone contributed to 65% of this surge, indicating a robust market for workspace solutions as reported by entrackr.
Incuspaze’s funding round comes amidst growing interest in IPOs within the co-working space sector. Notably, the IIOF’s investment strategy, focusing on IPO-bound companies, suggests potential future plans for a public listing by Incuspaze.
While The workspace solutions startup has not confirmed its IPO intentions, industry trends show a rising trajectory towards public listings. Awfis recently became the first Indian co-working startup to go public, and Smartworks has also indicated interest in a potential IPO, as reported by Entrackr in July.
This funding round positions Incuspaze strongly to capitalize on expanding market opportunities and further consolidate its leadership in the workspace solutions segment across India.
