Quick Take
- Incuspaze acquired iKeva, adding nearly Rs 100 Cr ($12 Mn) in annual revenue from south India.
- iKeva runs 18 centres spanning 5 lakh sq ft across Hyderabad and Bengaluru, set to double in FY26.
- Deal fuels Incuspaze’s Rs 1,000 Cr FY29 revenue target and a planned IPO in 24-36 months.
In This Article
The Incuspaze iKeva acquisition will hand the managed workspace operator close to Rs 100 Cr ($12 Mn) in extra annual revenue, the company said on June 7, 2026.
The Gurugram-based flexible office chain, founded in 2016 by Sanjay Choudhary, has bought Hyderabad-based iKeva to deepen its south India footprint. iKeva brings 18 centres across 5 lakh sq ft in Hyderabad and Bengaluru. Incuspaze did not share the deal value, according to company statements.
StartupFeed Insight
The math here is sharp. Incuspaze posted Rs 147 Cr revenue in FY25, per Tracxn. Adding Rs 100 Cr from iKeva almost doubles its top line in one stroke, before any organic growth. That makes the Rs 1,000 Cr FY29 target a 5x climb in three years, achievable only if iKeva’s 5 lakh sq ft doubles as promised and enterprise occupancy holds above 85%. Watch listed peer Awfis and IPO-bound Smartworks: they set the public market benchmark Incuspaze must beat. StartupFeed predicts at least one more south India or NCR buyout by Q4 FY26 to feed the IPO narrative. By StartupFeed Desk.
Deal Breakdown: Inside the Incuspaze iKeva Acquisition
The Incuspaze iKeva acquisition is an all-equity, undisclosed-value transaction announced on June 7, 2026. Financial terms were not shared by either party.
| Metric | Detail | Notes |
|---|---|---|
| Deal value | Undisclosed | Incuspaze did not share financial terms (company statement) |
| Revenue contribution | ~Rs 100 Cr ($12 Mn) annually | Adds to Incuspaze’s Rs 147 Cr FY25 revenue base (Tracxn) |
| iKeva portfolio | 18 centres, 5 lakh sq ft | Across Hyderabad and Bengaluru |
| Combined footprint | 4.5 Mn sq ft, 50+ locations, 18 cities | Post-acquisition (company data) |
| Previous Incuspaze buys | TRIOS (June 2025), VSKOUT | Per Tracxn filings |
| Cumulative Incuspaze funding | $9.18 Mn across 7 rounds | From 11 investors (Tracxn) |
| Announcement date | June 7, 2026 | Multiple media reports |
The standout number is the revenue lift. A Rs 100 Cr addition on a Rs 147 Cr base means iKeva alone contributes nearly 40% of the combined post-deal revenue.
About Incuspaze
Incuspaze is a managed and co-working office space provider founded in 2016 by Sanjay Choudhary, headquartered in Gurugram. It operates on a sub-lease model serving startups, MSMEs, and large enterprises, including GCCs (Global Capability Centres) and MNCs. The company runs 50+ locations across 18 cities, manages 4 Mn sq ft of space, and posted Rs 147 Cr revenue in FY25 (MCA filings via Tracxn). It has raised $9.18 Mn from 11 investors.
Why did Incuspaze buy iKeva?
Incuspaze bought iKeva to lock in a ready-made south India footprint and accelerate its IPO timeline. Hyderabad and Bengaluru together host the bulk of India’s GCC (Global Capability Centre) demand, where flexible office uptake is strongest.
“This acquisition will expand our regional footprint and drive cost efficiencies and customer experience standardization across all locations,”
said Sanjay Choudhary, founder and CEO, Incuspaze.
The buy fits a clear pattern. Incuspaze has acquired three companies in 18 months, TRIOS in Pune, VSKOUT, and now iKeva. Each adds geography rather than capability, signalling a pure scale play ahead of a public listing. iKeva, founded in 2012 by Srinath Parepally and Monika Misra, had raised only $539K to date, per Tracxn data, making it a logical tuck-in target.
How does Incuspaze stack up against rivals?
India’s flexible workspace sector is consolidating fast. Colliers expects coworking stock in the top seven cities to cross 100 Mn sq ft by 2027. Against listed and pre-IPO peers, Incuspaze remains a mid-tier player by scale.
| Operator | Approx portfolio | Status |
|---|---|---|
| Awfis | 7+ Mn sq ft | Listed on BSE/NSE |
| Smartworks | 10+ Mn sq ft | IPO-bound, DRHP filed |
| Incuspaze (post-iKeva) | 4.5 Mn sq ft | Targeting IPO in 24-36 months |
| iSprout (recent peer raise) | ~1 Mn sq ft | Raised $6.67 Mn in Dec 2025 (Tracxn) |
What sets Incuspaze apart is its tier-2 city presence in Jaipur, Indore, Vadodara, and Kochi, where larger rivals have stayed thin.
What’s Next
Incuspaze is targeting Rs 1,000 Cr ($120 Mn) revenue by FY29 and a potential IPO within 24-36 months. Choudhary has flagged plans to add another 3 Mn sq ft by end of 2026 across Bengaluru, Chennai, Mumbai, Pune, Delhi NCR, and Ahmedabad’s GIFT City corridor. iKeva’s promised doubling of its 5 lakh sq ft this fiscal year will be the first test. Will the tier-2 bet still hold once the DRHP (Draft Red Herring Prospectus, filed with SEBI before an IPO) lands?
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Last updated: June 8, 2026 at 11:30 IST
Written by Dr. Mayank Raj. Published: June 8, 2026. Updated: June 8, 2026. Have a tip? Write to us at editorial@startupfeed.in.
