Incuspaze, the IPO-bound managed and coworking space provider, has acquired Pune-based TRIOS in a cash-and-stock deal, aiming to bolster its presence in the high-growth Pune market and strengthen revenue projections for the upcoming fiscal years.
The acquisition of TRIOS—founded in 2015 by Pratik Potnis and Tejasa Potnis—adds 10 coworking centres in Pune and two in Gurugram to Incuspaze’s growing network. TRIOS serves over 125 clients, including MNCs, global capability centres (GCCs), and SMEs.
With this move, Incuspaze plans to accelerate its operating revenue to ₹350–₹400 crore by FY26, riding on growing demand from enterprises and multinationals seeking flexible workspace solutions across India.
Founded in 2016 by Sanjay Choudhary, Incuspaze currently operates across 18 Indian cities, including Mumbai, Delhi, Gurugram, Noida, and Bengaluru, with over 33 coworking spaces. Its client portfolio features notable names such as PhonePe, Flipkart, and Health Prime.
The acquisition aligns with a broader industry trend where workspace providers are turning to Tier 2 cities for growth. Awfis CEO Sumit Lakhani, in a recent earnings call, noted that Tier 2 cities are poised to become the next flex space hotspots:
“Enterprises and GCCs are also looking beyond metros into tier 2 cities to access talent and manage their costs. So, tier 2 flex space base stock is expanding fast. And it is projected to contribute almost equivalent to about 30% of the total market by 2028-2029.”
This strategic deal follows Incuspaze’s announcement in November 2024 that it was targeting $25 million (around ₹211 crore) in pre-IPO funding, although no further updates have been shared since.
On the financial front, Incuspaze reported a net profit of ₹1.5 crore in FY24, marking a turnaround from a ₹98 lakh loss in FY23. Its operating revenue grew 77% year-over-year to ₹88.3 crore, up from ₹49.9 crore the previous fiscal. The company is yet to disclose its FY25 financials.
India’s coworking industry is experiencing significant momentum. According to Mordor Intelligence, the market is projected to grow from $2 billion in 2025 to $2.9 billion by 2030, at a CAGR of 7%. Rising office rental costs and the surge in demand from startups and new-age businesses are driving this growth.
While Awfis remains the only publicly listed coworking player in India, several others—including Smartworks, DevX, and IndiQube—have filed for IPOs. Meanwhile, SEBI has put WeWork India’s IPO on hold.
The TRIOS acquisition signals Incuspaze’s intent to aggressively scale in key markets and capture a larger share of India’s evolving workspace landscape ahead of its public market debut.
