Flexible workspace operator Incuspaze has acquired coworking firm iKeva through a 100% buyout, strengthening its presence in Hyderabad and Bengaluru. The deal adds nearly ₹100 crore in annual revenue, supports enterprise and GCC demand, and aligns with the company’s plans for a potential IPO within the next 24–36 months.
India’s flexible workspace market is witnessing another major consolidation move, as Incuspaze has acquired coworking operator iKeva in a full buyout. The acquisition marks a significant step in Incuspaze’s expansion strategy, strengthening its presence in two of the country’s fastest-growing office markets—Hyderabad and Bengaluru.
Founded in 2016, Incuspaze has built a substantial footprint in India’s flexible office sector, operating more than 50 locations across 18 cities and managing a portfolio exceeding 4 million square feet. By bringing iKeva into its network, the company gains access to an additional 500,000 square feet of managed workspace spread across 18 centres. While financial details of the transaction were not disclosed, Incuspaze confirmed that the acquisition is expected to contribute nearly ₹100 crore in annual revenue.
Focus on Enterprise and GCC Demand
The acquisition comes at a time when demand for flexible workspaces continues to rise, driven by multinational corporations, startups, and Global Capability Centres (GCCs) seeking agile real estate solutions. Industry experts have increasingly pointed to flexible office operators as key beneficiaries of changing workplace strategies and expanding corporate footprints across India.
Commenting on the transaction, Incuspaze Founder and CEO Sanjay Choudhary said, “This acquisition will expand our regional footprint and drive cost efficiencies and customer experience standardisation across all locations.”
He further highlighted the growing influence of multinational companies and GCCs in shaping office demand, stating, “This acquisition strengthens our ability to deliver integrated, multi-city workspace solutions to businesses seeking flexibility, speed, and operational excellence.”
Building Scale Through Consolidation
The iKeva deal is the latest in a series of strategic moves by Incuspaze aimed at accelerating growth through acquisitions. Over the last 18 months, the company has expanded its capabilities through the acquisitions of TRIOS and VSKOUT, strengthening both its operational reach and technology-driven market intelligence.
The company has set an ambitious target of reaching ₹1,000 crore in annual revenue by FY2028-29. In addition to boosting scale, the acquisition also supports Incuspaze’s longer-term plans for a potential initial public offering within the next 24 to 36 months.
Coworking Market Set for Strong Growth
The transaction reflects broader momentum across India’s coworking and flexible workspace sector. According to Colliers, total coworking stock across the country’s top seven cities is projected to exceed 100 million square feet by 2027, compared with 72.3 million square feet in 2025. As demand continues to expand, industry consolidation is expected to play an increasingly important role, with operators focusing on scale, operational efficiency, and multi-city offerings to serve a growing base of enterprise clients.
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