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Flexible workspace operator Incuspaze has acquired coworking firm iKeva through a 100% buyout as part of its expansion strategy amid growing demand for managed and flexible office spaces in India. While the transaction value was not disclosed, the acquisition is expected to contribute nearly INR 100 crore to Incuspaze’s annual revenue. The deal adds iKeva’s 500,000 sq ft portfolio across 18 centres in Hyderabad and Bengaluru to Incuspaze’s existing network of more than 4 million sq ft spread across over 50 locations in 18 cities. The acquisition supports the company’s target of reaching INR 1,000 crore in revenue by 2028-29 and aligns with its plans to explore an initial public offering within the next 24 to 36 months.
Realty firm Incuspaze has acquired coworking operator iKeva through a 100% buyout transaction, expanding its presence in key southern office markets as demand for flexible workspaces continues to grow across India. The acquisition, announced in the past week, will strengthen Incuspaze’s footprint in Hyderabad and Bengaluru while contributing additional revenue and capacity to its operations.
Founded in 2016, Incuspaze operates shared office spaces on a sub-lease model and currently has a portfolio exceeding 4 million sq ft across more than 50 locations in 18 cities. With the acquisition of iKeva, the company gains access to an additional 500,000 sq ft of workspace spread across 18 centres in Hyderabad and Bengaluru, two of India’s most active office leasing markets.
The company did not disclose the financial details of the transaction. However, it stated that the acquisition is expected to add nearly INR 100 crore to its annual revenue. The deal forms part of Incuspaze’s broader inorganic growth strategy as it seeks to expand its scale and market presence in the flexible workspace segment.
Incuspaze has set a target of achieving INR 1,000 crore in revenue by 2028-29. The acquisition is also expected to support the company’s plans for a potential initial public offering within the next 24 to 36 months, providing greater operational scale and market reach ahead of a public market debut.
Commenting on the transaction, Incuspaze Founder and Chief Executive Officer Sanjay Choudhary said the acquisition would expand the company’s regional presence while helping improve cost efficiencies and standardise customer experience across locations. He noted that multinational corporations continue to increase their presence in India and that Global Capability Centres (GCCs) have emerged as a major source of demand in the commercial real estate sector.
Choudhary further indicated that the addition of iKeva would strengthen Incuspaze’s ability to provide integrated, multi-city workspace solutions to occupiers seeking flexibility, rapid deployment and operational efficiency.
The acquisition follows a series of expansion moves undertaken by Incuspaze over the past 18 months. During this period, the company acquired TRIOS and VSKOUT, transactions that helped broaden its operational footprint while enhancing its technology capabilities and market intelligence offerings.
The latest deal comes at a time when India’s flexible workspace market is witnessing sustained growth. According to property consultant Colliers, the total coworking stock across the country’s seven major cities is projected to exceed 100 million sq ft by 2027, compared with 72.3 million sq ft in 2025, reflecting continued occupier demand for flexible and managed office solutions.
Source - PTI
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