Managed workspace provider Incuspaze has raised Rs 150 crore (around $15.6 million) in a funding round led by Bharat Value Fund, with participation from other financial institutions.

The fresh capital will be used to expand its presence across key markets, strengthen its technology stack, pursue strategic acquisitions, and prepare for its planned IPO in FY29.

The fundraise follows the company's acquisition of Hyderabad-based managed workspace operator iKeva. With the acquisition, Incuspaze plans to expand its Hyderabad portfolio to more than 1 million sq ft in FY27.

Founded in 2016 by Sanjay Choudhary and Sanjay Chatrath, Incuspaze offers managed offices, coworking spaces, enterprise leasing, and design and build solutions. The company currently operates more than 80 centres across 18 cities, managing a portfolio of over 4 million sq ft.

Over the past year, Incuspaze has also acquired coworking operator TRIOS and real estate SaaS platform VSKOUT as part of its consolidation strategy in the flexible workspace segment.

According to industry estimates, India's flexible office market has crossed 100 million sq ft, driven by rising demand from enterprises, global capability centres (GCCs), and high growth companies seeking flexible office solutions.

Incuspaze raised its maiden institutional funding of around $8 million in July 2024 from the India Inflection Opportunity Fund (IIOF) and other financial institutions.

According to media reports, the company had set a revenue target of Rs 350–400 crore for FY26, compared with around Rs 150 crore in FY25.

With its planned IPO, Incuspaze will join a growing list of listed flexible workspace companies, including Awfis, Smartworks, IndiQube, and WeWork India.