Incuspaze, the New Delhi-headquartered co-working and managed workspace platform, has raised Rs 150 Cr (approximately $18 million) in a Pre-IPO growth round, as publicly reported on 29 June 2026. The round was led by Bharat Value Fund, with participation from other financial institutions whose names have not been disclosed. The capital raise is a deliberate step toward a planned stock market listing in FY29.
Quick Highlights
- Founders: Sanjay Choudhary and Sanjay Chatrath
- Lead Investor: Bharat Value Fund
- Participating Investors: Other financial institutions (names not disclosed)
- Investor Background: Bharat Value Fund is a domestic value-focused investment fund
- Headquarters: New Delhi, India
- Announcement Date: 29 June 2026
Funding Breakdown
Use of Funds
Incuspaze intends to deploy the raised capital across four primary areas: geographic expansion into new markets, strengthening its technology infrastructure, pursuing strategic acquisitions, and preparing the business operationally and structurally for its IPO targeted in FY29.
Funding Timeline
This Pre-IPO round represents the most recently disclosed funding event for Incuspaze. No prior round details are available in public records for comparison at this time.
Expansion Plans
Incuspaze has set an ambitious near-term target of scaling its Hyderabad capacity to 1 million square feet by FY27. The company recently completed the acquisition of iKeva, a managed workspace brand, as part of its inorganic growth strategy. These moves are part of a broader push to deepen presence in high-demand metros ahead of its planned IPO in FY29.
Significance
This raise is publicly reported as the largest co-working sector funding round in India in 2026 to date, underscoring sustained institutional appetite for managed workspace despite a maturing market. Incuspaze currently operates more than 80 centres across 18 cities, managing approximately 4 million square feet — a footprint that positions it directly alongside listed peers such as Awfis, Smartworks, and WeWork India. By securing a pre-IPO round now, the company signals both investor confidence in its unit economics and a clear intent to reach public markets by FY29. The iKeva acquisition, combined with the Hyderabad scale-up, suggests Incuspaze is consolidating market share proactively rather than waiting until closer to its listing.
These details have been verified against multiple publicly available reports as of 29 June 2026.
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Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
