Company Intelligence Profile
Incuspaze Solutions Private Limited
Incuspaze is a 2016-founded, Gurugram-based flexible workspace provider (managed offices, coworking, design-and-build) operating 80+ centres across 18+ cities.
Last updated 4 August 2026
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
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Company Identity
Confirmed| Registered name | Incuspaze Solutions Private Limited |
|---|---|
| CIN | U74999HR2016PTC065788 |
| PAN | AAECI2591P |
| Status | Active |
| Listing | Unlisted (private limited); planning an IPO (reported target FY29) |
| Incorporated | 16 September 2016 |
| ROC | RoC-Delhi |
| Sector (NIC) |
|
| Registered address | GF, Plot No. 13, Sector-18, Udyog Vihar Phase 4, Palam Road, Gurgaon (Gurugram), Haryana 122015, India |
| Authorized capital | Rs 5.5 crore |
| Paid-up capital | Rs 3.59 crore |
Business Overview
Confirmed- Incuspaze Solutions provides flexible workspace solutions: managed/enterprise offices, coworking spaces, custom design-and-build, traditional leasing and fit-out
- Tagline "Flexible office space that powers your growth." Portfolio of 80+ centres (earlier reports 50+) across 18+ cities, over 4 million sq ft
- Serves startups, SMEs and enterprises; reported clients include PhonePe, Flipkart and Health Prime
- Founded 2016 by Sanjay Choudhary
Directors & DINs
Partial / conflictingThree directors (source: Tofler; DINs from Tofler):
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Sanjay Choudhary | 07537051 | - | 16 Sep 2016 |
| Om Prakash Choudhary | 07591658 | - | 16 Sep 2016 |
| Sanjay Chatrath | 09090223 | - | 23 Apr 2021 |
GST Registrations
Partial / conflicting| GSTIN | State | PAN | Status |
|---|---|---|---|
| 05AAECI2591P1Z5 | Uttarakhand | AAECI2591P (derived from GSTIN 05AAECI2591P1Z5; partial — not independently confirmed on a PAN source) | Active |
Primary GSTIN obtained: 05AAECI2591P1Z5 (Uttarakhand, state code 05; principal place Dehradun; Regular taxpayer; Active; registered 23 Oct 2022) — source: MastersIndia. Embedded PAN: AAECI2591P. The company almost certainly holds a Haryana (06) registration at its Gurugram HQ plus others (source notes "other GST numbers exist"), but additional GSTIN numbers were not obtained. Home state: Haryana (HQ) / registration seen in Uttarakhand. # registrations: not obtained (multiple likely). Note: a Gurugram Campus-2 address also hosts an unrelated Aakash Institute GSTIN — do not conflate.
Financials
ConfirmedStandalone (audited, FY ending 31 March), per Entrackr/Inc42 (regulatory filings basis):
| FY24 | Operating revenue Rs 88.3 crore (up 77% YoY); Net profit (PAT) Rs 1.5 crore (turnaround from loss) |
|---|---|
| FY23 | Operating revenue Rs 49.9 crore (~Rs 50 Cr); Net loss Rs 0.98 crore (~Rs 98 lakh) |
| FY22 | Operating revenue Rs 14.84 crore; Net loss ~Rs 5 crore |
| FY25 | ~Rs 150 crore revenue — not yet confirmed as audited/filed; treat as partial |
| FY26 target | Rs 350-400 crore revenue (management guidance) |
EBITDA, net worth and total borrowings: not obtained. Consolidated vs standalone: figures above are standalone. Conflict noted: TheCompanyCheck labels the ~Rs 147 Cr figure as FY25 while Entrackr's audited series ends at FY24 (Rs 88.3 Cr).
Funding
Confirmed| Maiden round, July 2024 | ~$8 million (~Rs 66 Cr) led by India Inflection Opportunity Fund (IIOF) with other financial institutions |
|---|---|
| June 2026 | Rs 150 crore (~$15.6M) led by Bharat Value Fund, with participation from other financial institutions; earmarked for expansion, technology, strategic acquisitions and IPO prep |
| Also reported | discussions to raise ~$25 million pre-IPO |
| Planned IPO | reported target FY29 (earlier articles mentioned 2026). Valuation: not disclosed |
Charges / Loans
Partial / conflicting- Open/secured charges reported at ~Rs 76.52 crore
- Individual lender names and per-charge amounts: not obtained
Competitors
Confirmed- Awfis Space Solutions — largest listed flex-workspace player (large scale; listed).
- Smartworks — large-format managed campuses for enterprises (listed 2025).
- WeWork India — premium flex offices (IPO track; large scale).
- IndiQube — managed workspaces (IPO-stage; large scale).
- Table Space — enterprise managed offices (large scale).
- DevX — flex/managed offices (mid scale).
Incuspaze is a mid-scale challenger (~Rs 88-150 Cr revenue) vs the Rs 800-1,000+ Cr listed leaders.
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