Incuspaze, a flexible workspace provider backed by the India Inflection Opportunity Fund, is in talks to raise as much as $25 million in a pre-IPO round, per a report by The Economic Times (ET).
The company is reportedly planning to go public next year.
It recently secured $8 million (about Rs 67 crore) in funding in July to ramp up its flexible workspaces network and enhance its technological infrastructure.
According to the ET report, Incuspaze is planning to acquire an additional 2 million sq ft and invest an amount of Rs 100 crore by the end of next year. With growing demand for flex spaces, Incuspaze plans to ramp up its focus on the development of new centres across regions such as Delhi-NCR, Pune, Bengaluru, and Hyderabad.
Of late, flexible workspaces in India are witnessing a significant demand, prompting certain companies to adopt public listings. While Awfis went public earlier this year, Smartworks has filed its papers with the Indian capital markets regulator to raise capital via the IPO route.
Others who are looking to make their public market debut include names such as Tablespace, Bhive, and WeWork India.
As of now, Incuspaze holds 4 million sq ft of portfolio. The company has a presence across 18 cities in India, which in turn has a total flexible workspace stock of about 62-64 million sq ft.
The sector is expected to grow to 116-118 million sq ft in the country’s tier-1 cities by 2027, per industry estimates.
