Managed workspace provider Incuspaze is likely to get nearly Rs 100 crore annual revenue boost with its latest acquisition of iKeva.
iKeva has a portfolio of 18 workspace centres covering 500,000 sq ft across Hyderabad and Bengaluru, which it aims to double this fiscal year.
Incuspaze has set a target of Rs 1,000 crore in revenue in FY28-29 through a mix of expansion, increased enterprise occupancy, and acquisitions.
The acquisition of iKeva is also part of the company’s plans for a potential public listing in the next 24 to 36 months. Incuspaze didn’t provide financial details of the iKeva purchase.
“This acquisition will expand our regional footprint and drive cost efficiencies and customer experience standardisation across all locations, as MNCs continue to expand their India footprint and GCCs emerge as a key driver of commercial real estate demand,” said Sanjay Choudhary, founder & CEO, Incuspaze.
Industry estimates indicate that global capability centres (GCCs) are expected to make up nearly 40% of India’s office space demand over the next few years, with Hyderabad and Bengaluru remaining among the most preferred destinations for multinationals establishing or expanding their India operations.
The acquisition comes amid sustained growth in India’s commercial real estate sector, with demand increasingly being driven by GCCs, multinationals, and large domestic enterprises seeking flexible, scalable, and technology-enabled workplace solutions.
Over the past 18 months, Incuspaze has acquired TRIOS and VSKOUT, expanding its operational footprint and enhancing its technology and market intelligence capabilities.
Recently, Incuspaze strengthened its presence in western India through the acquisition of Million Minds at GIFT City, Gujarat.
Incuspaze has a presence across 50 locations in 18 cities and a portfolio of over 4 million sq ft. The company offers managed offices, coworking spaces, enterprise solutions, design-and-build services, and customised workspace strategies for businesses across sectors.
The Indian flexible workspace sector crossed the 100 million sq ft mark and is on track to achieve a $9–10 billion valuation by 2028, entering a phase of profitability-led growth as operators pivot from aggressive expansion to margin discipline amid a surge in enterprise demand, according to myHQ by Anarock.
At the same time, average deal sizes have more than doubled, from 25 to 53 seats between 2023 and 2025, showcasing growing confidence in flexible workspaces as a core real estate strategy.
The BFSI sector has also significantly expanded its coworking footprint, underscoring growing trust in flex operators’ compliance and infrastructure capabilities.
Source: Economic Times