Co-working firm Incuspaze bags $8 million from India Inflection Opportunity Fund, others

Flexible workspace provider Incuspaze has raised $8 million from India Inflection Opportunity Fund and other financial institutions in its maiden funding round

Gurugram-based flexible workspace provider Incuspaze has raised $8 million in its maiden funding round which was led by India Inflection Opportunity Fund, the co-working player said in a statement.

Coworking firm Incuspaze raises $8 million from India Inflection Opportunity Fund and other financial institutions (Incuspaze)

Launched in 2022, the India Inflection Opportunity Fund (IIOF), a category-2 alternate investment fund (AIF) with a fund size of ₹500 crore.

With this new infusion of capital, Incuspaze aims to further expand its network of flexible workspaces, enhance its technological infrastructure, and continue delivering innovative and customized workspace solutions to its diverse clientele, the statement noted.

“Owing to the growing demand for flex office space in the market and increase in inquiries received, Incuspaze is in talks to further raise $15 million for the growth plans as part of acquiring Grade A offices in major metro cities,” said Incuspaze founder Sanjay Choudhary, responding to HT.com's query.

The funding exercise also saw participation from other financial institutions, the company said, without disclosing the names.

“The funds will be instrumental in accelerating our expansion plans and enhancing our service offerings to meet the evolving needs of our clients,” said Sanjay Chatrath, Managing Director, Incuspaze.

Incuspaze was founded by Choudhary in 2016 and has since expanded its presence across 18 cities in India. It has a portfolio spanning 3 million square feet spread across 44 locations.

“Our investment aligns with our strategy of backing companies with strong potential for long-term success and profitability,” said Madhu Lunawat, chief investment officer, India Inflection Opportunity Fund.

Managed by Pantomath Group and headquartered in Mumbai, IIOF specializes in late-stage venture capital investments, focusing on companies poised for pre-IPO stages with clear strategies for stock market listing. It is gearing up to launch its second fund worth ₹2,000 crore.

Leasing momentum

Earlier this month, Incuspaze leased 1.15 lakh square feet of office space in East Bengaluru’s Whitefield area and announced that the player plans to expand its footprint in neighboring Chennai and Hyderabad by 2 million square feet over the next two years.

Prior to that, the company leased 5.8 lakh square feet of office space in Gurugram, which included 2.20 lakh sq ft space in M3M Urbana Premium on Golf Course Extension Road, and 3.5 lakh sq ft in Udyog Vihar.