Quick Take
- Incuspaze raised Rs 150 Cr ($15.9 Mn), led by Bharat Value Fund, for expansion.
- The Gurugram firm runs 50-plus centres across 18 cities, managing over 4 million sq ft.
- Capital funds market growth, technology and acquisitions ahead of a planned FY29 public listing.
In This Article
Incuspaze funding has crossed a fresh milestone: the Gurugram flexible workspace provider raised Rs 150 Cr ($15.9 Mn), led by Bharat Value Fund, to power expansion ahead of a planned FY29 IPO (Initial Public Offering).
The round, backed by other financial institutions, follows Incuspaze’s $8 Mn (Rs 67 Cr) maiden raise in July 2024 (Entrackr). Founder and CEO Sanjay Choudhary said the capital will deepen the company’s presence in markets like Hyderabad and fund technology and acquisitions. The company is chasing Rs 1,000 Cr ($106 Mn) in revenue by FY29 (company announcement).
StartupFeed Insight
The quiet signal in this Incuspaze funding round is the backer. Both the 2024 raise and this Rs 150 Cr cheque trace to Madhu Lunawat’s Pantomath stable, first via IIOF, now via Bharat Value Fund. That is repeat conviction, plus a built-in investment-banking pipeline toward a listing. Listed rival Awfis and every pre-IPO workspace investor should track Incuspaze’s occupancy and FY27 revenue closely. StartupFeed expects Incuspaze to file its DRHP (Draft Red Herring Prospectus, lodged with SEBI before an IPO) with SEBI (Securities and Exchange Board of India) within 18 to 24 months, provided FY27 revenue clears Rs 600 Cr. The lease-liability mismatch stays the one number that could derail that timeline. By StartupFeed Desk.
Incuspaze Funding: Deal Breakdown
Incuspaze funding totals Rs 150 Cr ($15.9 Mn) in a round led by Bharat Value Fund, with other financial institutions joining (company announcement). The cheque is the company’s largest disclosed raise so far.
| Metric | Detail | Notes |
|---|---|---|
| Total Raise | Rs 150 Cr ($15.9 Mn) | Largest disclosed round |
| Lead Investor | Bharat Value Fund | Other institutions joined |
| Round Type | Growth / pre-IPO | Category II AIF backer |
| Previous Round | $8 Mn (Rs 67 Cr), Jul 2024 | Led by IIOF |
| Cumulative (pre-round) | About $9.2 Mn over 7 rounds | Per Tracxn |
| Announcement | June 2026 | Ahead of FY29 IPO |
This Incuspaze funding round dwarfs the maiden cheque of two years ago. It also lands as the firm steps up its acquisition pace.
About Incuspaze
Incuspaze is a Gurugram-based managed workspace and co-working provider founded in 2016 by Sanjay Choudhary and Sanjay Chatrath. It runs a managed workspace network of over 50 centres across 18 Indian cities, managing more than 4 million sq ft on a sub-lease model. Clients include startups, MSMEs, large enterprises and Global Capability Centres (GCCs). Key backers include Bharat Value Fund and the India Inflection Opportunity Fund.
How Will Incuspaze Use the Funds?
Incuspaze will use the funds to expand in key commercial markets, invest in technology and pursue acquisitions, the company said. The Incuspaze funding also supports a deeper push into Hyderabad, where the firm aims to cross 1 million sq ft by FY27.
“The capital infusion will enable us to accelerate our expansion plans, deepen our presence in strategic markets such as Hyderabad, invest in technology, and continue pursuing growth opportunities that complement our vision,” said Sanjay Choudhary, founder and CEO of Incuspaze.
That plan builds on the June 2026 buyout of Hyderabad-based iKeva, which added 5 lakh sq ft and 18 centres (company announcement). The deal is expected to add nearly Rs 100 Cr to annual revenue. More tuck-in buys look likely before the listing.
Why Did Bharat Value Fund Back Incuspaze?
Bharat Value Fund is a SEBI-registered Category II Alternative Investment Fund (AIF) that backs pre-IPO, mid-market companies. It is managed by The Wealth Company, part of the Pantomath Group.
“Incuspaze has demonstrated strong execution capabilities, a differentiated enterprise-led business model and a clear vision for the future of work,” said Madhu Lunawat, CIO of Bharat Value Fund.
The fund targets firms with Rs 500 Cr-plus turnover at discounts to listed peers (Bharat Value Fund). Incuspaze’s enterprise-led model and FY29 listing plan fit that brief. Notably, the same Pantomath stable led the 2024 round through IIOF, so this is a follow-on bet by a familiar backer.
Who Are Incuspaze’s Competitors?
Incuspaze competes in a crowded flexible-workspace sector that is consolidating fast. Demand is led by GCCs and large enterprises expanding India operations, with the national flex market past the 100 million sq ft mark (industry data).
| Company | Core model | Positioning |
|---|---|---|
| Incuspaze | Managed + coworking | Acquisition-led, enterprise and GCC focus |
| Awfis | Coworking + managed offices | India’s first listed flexible-workspace firm |
| IndiQube | Managed workspaces | Enterprise-led, strong in south India |
What sets Incuspaze apart is its buy-and-scale playbook: iKeva, TRIOS and Million Minds were absorbed mainly to add geography before the IPO.
What’s Next
Incuspaze plans to grow its Hyderabad portfolio past 1 million sq ft by FY27, building on the iKeva buyout. Watch for a DRHP filing as the FY29 listing window nears, plus more small acquisitions. The real test is whether occupancy and cash flows can fund growth without heavy debt. Can Incuspaze hit Rs 1,000 Cr in revenue before it rings the IPO bell?
Frequently Asked Questions
Last updated: June 29, 2026 at 11:30 IST
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
Written by Avinash. Published: June 29, 2026. Updated: June 29, 2026. Have a tip? Write to us at editorial@startupfeed.in.
