In its first fundraising round, workspace solution provider Incuspaze raised about $8 million, with the India Inflection Opportunity Fund and other financial institutions leading the charge.
According to a statement from the business, this strategic investment will strengthen Incuspaze’s capacity to offer premium workplace solutions to MSMEs, startups, and enterprises.
According to Incuspaze, it has a 3 million square foot portfolio spread across 18 cities and 44 sites. The company just leased 220,000 square feet in the M3M Urbana project in Gurugram.
The eight-year-old company, headed by Sanjay Choudhary, wants to grow its clientele in southern India, concentrating on Bengaluru, Chennai, and Hyderabad. Its principal customers include PhonePe, Byju’s, Flipkart, and Girnarsoft, among others.
Read also- Abu Dhabi-Based Masdar Raises $1 Billion in Funding
Incuspaze reported a more than three-fold increase in operational revenue to Rs 50 crore for the fiscal year ending in March 2023 (FY23) compared to Rs 14.84 crore in FY22. It was able to reduce losses from Rs 5 crore to Rs 98 lakh in FY23. The annual report for Incuspaze’s most recent fiscal year (FY24) has not yet been submitted.
Property consulting firm Colliers said in June 2024 that demand for flexible office space in India’s top six cities reached an all-time high during the April–June quarter. Alone, Bengaluru and Delhi-NCR supplied 65% of the total demand.
The India Inflection Opportunity Fund (IIOF), a pre-IPO fund managed by Pantomath Financial Services Group, closed in November of last year for $60 million.
Read also- Egypt-Based E-Commerce Kemitt Secures Undisclosed Funding
Although Incuspaze has not disclosed its IPO aspirations, the strategic funding from the IIOF suggests a clear path towards a public listing, given that the investment firm primarily backs IPO-bound businesses.
Awfis is the first Indian firm to list on the stock exchange in the co-working space. Recently, Smartworks, another co-working startup, became a public business and took a step towards maybe going public.
About Incuspaze
Incuspaze‘s main workplace supplier has 44 managed offices, co-working spaces, and traditional setups in 18 cities (and growing!). Over 2.5 million square feet dedicated to making work easier, more productive, and cooler.
