Gurugram-based co-working firm Incupaze is looking to expand its footprint by 2 million square feet with an investment of ₹100 crore by 2025-end, company co-founder and managing partner Sanjay Charath informed HT.com.
“On the back of growing demand for flex spaces, Incuspaze is focusing on the development of new centres across Delhi-NCR, Bengaluru and Hyderabad,” Charath said.
Incuspaze is currently present in over 18 cities with 44-plus centres spanning a footprint of 4 million square feet.
Also Read: Co-working firm Incuspaze leases 3.25 lakh square feet office space in Bengaluru
In the past six months alone, the flexible office space provider has enlarged its portfolio with an addition of 1.8 million square feet of co-working space across Noida, Bengaluru and Gurugram.
“We anticipate a significant increase in turnover, projecting positive addition, as a result of our recent expansion,” Charath said.
The upcoming expansion will be funded from the ₹67 crore corpus raised in the company’s maiden funding round besides internal accruals, Incuspaze said.
In July 2024, the company announced a fundraise of $8 million or ₹67 crore from India Inflection Opportunity Fund, a category-2 alternate investment fund, and other financial institutions.
Also Read: Co-working firm Incuspaze leases 1.15 lakh sq ft office space in Bengaluru
Future outlook
Going forward, the company is also looking to double its profit margins, Charath said, without disclosing the present value. “Currently, our profit margins are positive, with a year-on-year growth of 2-3X in the year 2024. With (a) stronger footprint in the market, we are eyeing on sustainable growth of about 2-3X in the year 2025,” he said.
Besides Bengaluru and Hyderabad, other southern cities on the company’s radar for the expansion exercise include Chennai and Kerala, Charath said.
Also Read: Co-working firm Incuspaze bags $8 million from India Inflection Opportunity Fund, others
