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.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Company Identity
Confirmed| Registered name | Incuspaze Solutions Private Limited |
|---|---|
| CIN | U74999HR2016PTC065788 |
| PAN | AAECI2591P (derived from GSTIN 05AAECI2591P1Z5; partial — not independently confirmed on a PAN source) |
| Status | Active |
| Listing | Unlisted (private limited); planning an IPO (reported target FY29) |
| Incorporated | 16 September 2016 |
| ROC | RoC-Delhi (Haryana-registered companies fall under RoC Delhi jurisdiction; Tofler lists "Haryana") |
| Sector (NIC) | Flexible/managed office space & coworking (commercial real estate services). CIN class U74999 = other business support/professional services, n.e.c. |
| Registered address | GF, Plot No. 13, Sector-18, Udyog Vihar Phase 4, Palam Road, Gurgaon (Gurugram), Haryana 122015, India (source: Tofler, TheCompanyCheck) |
| Authorized capital | Rs 5.5 crore (source: Tofler, TheCompanyCheck — agree) |
| Paid-up capital | Rs 3.59 crore (source: Tofler, TheCompanyCheck — agree) |
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
- (source: incuspaze.com, Inc42, Entrackr)
Directors & DINs
Partial / conflictingThree directors (source: Tofler; DINs from Tofler):
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Sanjay Choudhary | 07537051 | - | - |
| Om Prakash Choudhary | 07591658 | - | - |
| 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 (management/funding-round figure; TheCompanyCheck shows Rs 146.77 Cr, +55% YoY) — 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 (source: Entrackr, YourStory) |
|---|---|
| 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 (source: Entrackr, Indian Startup News) |
| Also reported | discussions to raise ~$25 million pre-IPO (source: Inc42) |
| 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 (source: TheCompanyCheck)
- Individual lender names and per-charge amounts: not obtained
Competitors
ConfirmedNamed flexible-workspace peers (India):
- 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.
Frequently Asked Questions
What does Incuspaze Solutions Private Limited do?
What is the CIN of Incuspaze Solutions Private Limited?
Where is Incuspaze Solutions Private Limited registered?
When was Incuspaze Solutions Private Limited incorporated?
Looking for business funding?
Recur Club is India's largest AI-native debt platform - working capital, term loans and structured debt from 150+ lending partners, without diluting equity.