Office workspace provider Incuspaze has raised around $8 million led by the India Inflection Opportunity Fund (IIOF) and other financial institutions in its maiden funding round.

Founded by Sanjay Choudhary, the eight-year-old firm aims to expand its portfolio in southern India, with a focus on Bengaluru, Chennai and Hyderabad. PhonePe, Byju’s, Flipkart, and Girnarsoft, among others are its top clients.

This funding will help company to to provide top-tier workspace solutions to enterprises, MSMEs, and startups, the company said in a statement.

Incuspaze claims that it has a portfolio of 3 million square feet in 18 cities across 44 locations. The firm recently leased 220,000 square feet of space in Gurugram’s M3M Urbana project.

Firm reported a more than three fold jump in its operating revenue to Rs 50 crore against Rs 14.84 crore in FY22. During FY23, it managed to cut losses to Rs 98 lakh from Rs 5 crore. Incuspaze is yet to file its annual report for the last fiscal year (FY24).

According to a June 2024 report by property consultancy Colliers, the flexible office space segment across the top-6 cities in India registered its highest ever quarterly demand in the April-June period. Bengaluru and Delhi-NCR alone accounted for 65% of the overall demand.

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