Incuspaze

Incuspaze operates as a leading flexible workspace provider targeting enterprises, MSMEs, and startups. The company integrates managed offices, coworking spaces and traditional setups under a "Space as a Service" model across 18 Indian cities. Its unique value proposition lies in seamless technology-real estate fusion—deploying AI-driven solutions like smart desk booking, touchless entry and automated facility management to optimize operational efficiency.

Key milestones 

• Funding: $8 million maiden funding (July 2024) led by India Inflection Opportunity Fund (IIOF) for expansion.

• Acquired: Acquisition of Pune-based Trios (June 2025) to strengthen co-working presence in western India.

• Revenue surge: 237% YoY growth to ₹50 crore in FY23 while cutting losses by 80%.

• Portfolio scale: Added 2 million sq. ft. in H2 2024, targeting 6 million sq. ft. by 2025-end.

Core Products & Services

• Managed Offices: Custom-built spaces for enterprises (e.g., full-floor suites with branded reception).

• Coworking: Dedicated desks, hot desks and team cabins.

• FlexLeaze: Launched in 2025, offering "Fit-out as a Service" for office interiors (wet/dry leases).

• Virtual Offices: Mail handling and call-answering services.

• Meeting/Event Spaces: Training rooms and conference facilities.

Business Model & Revenue Streams

1. Revenue Streams (2025)

• Rental Income (80%): ₹120 crore from leased spaces (₹1,000–₹1,500/sq. ft./year).

• Value-Added Services (15%): Meeting rooms, event hosting, IT support.

• FlexLeaze (5%): Targeting ₹175 crore in FY26.

2. Geographic Mix:

• Tier I Cities (70%): Delhi-NCR (35%), Bengaluru (20%), Mumbai (15%).

• Tier II (30%): Lucknow, Jaipur, Kochi.

Customer Segmentation

• Enterprises (50%): MNCs like Schneider, OYO.

• MSMEs (40%): Startups, SMEs.

• Government Projects (10%): State incubation hubs.

Top Clients & Partnerships

1. Anchor Clients

• PhonePe: 100K+ sq. ft. across 8 cities.

• Byju’s: 200-seat dedicated center in Lucknow (pre-crisis).

• Flipkart: Gurugram tech hub (50K sq. ft.).

2. Real Estate Alliances

• M3M Group: 220K sq. ft. lease in Gurugram’s Urbana.

• Prestige Group: Bangalore’s Qube Software Park (325K sq. ft.).

Future Outlook & Strategic Priorities

• Portfolio Expansion: Targeting 6M sq. ft. by 2025-end (50% growth).

• Geographic Push: Hyderabad, Chennai and Ahmedabad via Trios integration.

• FlexLeaze Scale: Projecting ₹175 crore revenue in FY26 for fit-out leasing.

• IPO Preparation: $25M pre-IPO raise (2024) for public listing by 2026.

• Real Estate Volatility: 15–20% annual lease cost inflation in prime hubs.