India’s flexible workspace market is seeing another major consolidation as Gurugram-based Incuspaze has acquired Hyderabad-based coworking company iKeva in a 100% buyout deal. The acquisition is part of Incuspaze’s larger growth strategy as it looks to strengthen its presence in South India, increase revenue, and prepare for a future stock market listing.
The company has not disclosed the financial details of the transaction. However, the deal was completed as an all-equity acquisition and funded through a mix of internal funds and external financial support.
iKeva Acquisition to Strengthen Southern Market Presence
Founded in 2012, iKeva operates 18 workspace centres across Hyderabad and Bengaluru, covering around 5 lakh square feet of office space. The company is also planning to double its number of centres during FY26.
The acquisition is expected to provide an immediate boost to Incuspaze’s business. Before the deal, Incuspaze had an estimated revenue of around Rs 147 crore in FY25. With iKeva joining the company, annual revenue is expected to increase by nearly Rs 100 crore.
The deal will help Incuspaze expand quickly in Hyderabad and Bengaluru, two of India’s fastest-growing technology and GCC hubs. The company believes the acquisition will also help improve customer experience, increase operational efficiency, and strengthen its position in the managed workspace segment.
The iKeva acquisition is part of a wider expansion strategy. Earlier, Incuspaze acquired Pune-based workspace provider TRIOS through a cash-and-stock deal. The acquisition is expected to add between Rs 20 crore and Rs 25 crore in annual revenue while strengthening the company’s presence in Pune.
The company also acquired VSKOUT, a B2B SaaS platform that provides real-time property intelligence and data analytics. VSKOUT will continue to operate independently while supporting Incuspaze’s dedicated GCC business division.
Company Targets Higher Revenue and IPO in Coming Years
Incuspaze’s growth plans are being supported by fresh capital. The company recently raised $8 million in its first institutional funding round led by the India Inflection Opportunity Fund (IIOF), along with participation from other financial institutions.
The firm is also working on closing a $25 million pre-IPO funding round, which is expected to be completed within the next few months. The new capital will help fund future expansion and acquisitions.
Founded in 2016 by CEO Sanjay Choudhary, Incuspaze has set ambitious growth targets. The company expects its operating revenue to reach between Rs 350 crore and Rs 400 crore in FY26, supported by both acquisitions and organic growth.
Looking ahead, Incuspaze aims to achieve Rs 1,000 crore in revenue by FY28-29. It is also planning to launch its Initial Public Offering (IPO) within the next two to three years.
To support this growth phase, the company has strengthened its leadership team. Industry veteran Amit Ghoshal has joined as Managing Director – Enterprise Sales. Incuspaze has also appointed Mayank Kaushik as Chief Operating Officer and Kapil Poddar as Chief Financial Officer.
Expansion Continues as Demand for Flexible Offices Grows
Incuspaze currently operates more than 50 locations across 18 cities in India and manages a portfolio of over 40 lakh square feet.
The company is continuing to expand through new leases and acquisitions. Recent projects include major office space agreements in Noida, Bengaluru, Jaipur, Chennai, and Gurugram. It plans to add another 5 lakh square feet of office space in FY27 and aims to add nearly 20 lakh square feet by the end of December 2025.
To create additional revenue streams, Incuspaze has also launched a new business division called FlexLeaze. The segment offers office fit-out and asset leasing services to corporate clients and is expected to generate between Rs 150 crore and Rs 175 crore in revenue during FY26.
The company’s expansion comes at a time when India’s flexible workspace industry is growing rapidly. The sector is expected to reach between 125 million and 240 million square feet by March 2027, with a market value of more than Rs 600 billion.
With increasing demand from Global Capability Centres and large enterprises, Incuspaze is positioning itself for the next stage of growth. Through acquisitions, expansion projects, and leadership additions, the company is aiming to become one of the leading managed workspace providers in India while moving closer to its planned IPO.