New Delhi, Nov 28 (PTI) Coworking firm Incuspaze, which provides managed flexible office spaces to corporates, is looking to raise USD 25 million (over Rs 210 crore) to expand its business across major cities before planning to launch its Initial Public Offer (IPO).
Established in 2016, Incuspaze has a presence in 44 locations across 18 cities with a total portfolio of 40 lakh square feet.
"We plan to add another 2 million (20 lakh) square feet in our portfolio by the end of December 2025," Incuspaze founder and CEO Sanjay Choudhary told PTI.
In view of the growing demand for flexible workspaces, he said the company intends to start new centres across Delhi-NCR, Pune, Bengaluru and Hyderabad.
"We are looking to raise a pre-IPO round of USD 25 million," Choudhary said.
He said the company has a plan to launch its IPO in the next few years.
Earlier this year, Incuspaze raised USD 8 million from the India Inflection Opportunity Fund and other financial Institutions
Choudhary said the demand for premium office space remains strong, especially from multinational companies looking to set up Global Capability Centres (GCCs) in India.
In the past six months, he said the company has enhanced its portfolio with an addition of 2 million square feet of office space across Delhi NCR, Mumbai, Chennai, Pune, Jaipur, Lucknow and Bengaluru.
In July this year, Incuspaze had taken on lease around 5.8 lakh square feet of office space from property owners in Gurugram to meet corporate demand.
According to real estate consultant Vestian, flexible office space operators had a portfolio of 67 million sq ft of prime office space till June this year and the number is set to cross 100 million sq ft by 2026-end as they look to expand amid a rise in demand from corporates.
The flexible office market has "witnessed a demand shift post-pandemic from startups and SMEs to large conglomerates owing to flexibility and cost advantages".
"Indian flexible office space operators are geared up to fulfil the requirements of large conglomerates. They have added 1.84 lakh seats within a year, reaching close to 1 million as of H1 2024," Vestian CEO Shrinivas Rao had said last month.