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Co-working company Incuspaze said on Friday it will raise $25 million (more than Rs 210 crore) to expand business before launching an initial public offer (IPO).
Incuspaze, earlier this year, raised $ 8 million (Rs 67.6 crore) from the India Inflection Opportunity Fund and other financial Institutions. “We plan to add another 2 million square feet [of office space] in our portfolio by the end of December 2025," said Sanjay Choudhary, founder and chief executive officer (CEO) of Incuspaze, in a statement.
"We are looking to raise a pre-IPO round of Rs 210 crore. The company has a plan to launch its IPO in the next few years. The demand for premium office space remains strong, from multinational companies looking to set up Global Capability Centres (GCCs) in India,” he said.
Incuspaze has a presence in 44 locations in 18 cities with a total portfolio of 4 million square feet. The company will start new centres in Delhi and National Capital Region (NCR), Pune, Bengaluru and Hyderabad as demand for flexible workspaces grows, he said.
Incuspaze, in six years, added 2 million square feet of office space in Delhi NCR, Mumbai, Chennai, Pune, Jaipur, Lucknow and Bengaluru. In July, the company leased around 580,000 square feet of office space in Gurugram to meet corporate demand.
Real estate consultant Vestian reported earlier that flexible office space companies in India had a portfolio of 67 million square feet of prime office space in June and the number is set to cross 100 million square feet in 2026.
“Indian flexible office space operators are geared up to fulfil the requirements of large conglomerates. They have added 18.4 million seats within a year, reaching close to 1 million as of H1 2024 (first half of 2024),” said Shrinivas Rao, CEO of Vestian, last month.
According to Vestian, demand for flexible offices has increased after the pandemic due to cost advantages and convenience.
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