Flexible workspace operator Incuspaze has acquired coworking firm iKeva in a 100 per cent buyout, significantly expanding its presence in Bengaluru and Hyderabad amid rising demand for flexible office solutions across India.

While the financial details of the transaction were not disclosed, Incuspaze said the acquisition is expected to add nearly ₹100 crore in annual revenue and supports the company’s long-term growth plans, including a potential initial public offering (IPO) within the next 24 to 36 months.

Expansion in key markets

Founded in 2016, Incuspaze currently operates more than 50 workspace centres across 18 cities, managing over 40 lakh square feet of office space. Through the acquisition, the company will add another 5 lakh square feet and 18 operational centres to its portfolio.

The move is expected to significantly strengthen Incuspaze’s position in Bengaluru and Hyderabad, two of India’s most important technology and business hubs.

According to the company, the expanded network will help improve operational efficiencies, strengthen regional presence and provide businesses with seamless multi-city workspace solutions.

Growing demand for flexible offices

Founder and Chief Executive Officer Sanjay Choudhary said increasing investments by multinational corporations and the rapid expansion of Global Capability Centres (GCCs) are driving strong demand for commercial real estate and flexible workspaces.

He noted that businesses are increasingly seeking scalable office solutions that offer flexibility while supporting expansion across multiple cities.

The acquisition of iKeva follows Incuspaze’s earlier acquisitions of TRIOS and VSKOUT, reflecting the company’s continued focus on inorganic growth.

Coworking sector on growth path

Industry experts remain optimistic about India’s flexible workspace market. According to property consultancy Colliers, coworking stock across the country’s top seven cities is projected to exceed 100 million square feet by 2027, up from 72.3 million square feet in 2025.

The latest acquisition highlights the continued evolution of India’s coworking industry, driven by hybrid work models, startup growth and increasing demand from large enterprises, particularly in cities such as Bengaluru and Hyderabad.