Incuspaze Buys TRIOS To Boost Revenue and Pune Presence

27 Jun 2025 CW Team

Managed-workspace provider Incuspaze has acquired smaller rival TRIOS in a cash-and-stock transaction, strengthening its foothold in Pune at a time when flexible-office operators eye the next wave of demand in non-metropolitan markets. The deal supports Incuspaze’s plan to lift operating revenue to between Rs 3.5 billion and Rs 4 billion in the year to March 2026 as global capability centres and multinational firms expand.

Founded in 2015 by Pratik and Tejasa Potnis, TRIOS runs ten coworking hubs in Pune and two in Gurugram, serving more than 125 clients. Incuspaze, launched a year later by Sanjay Choudhary, now spans 33 sites across 18 Indian cities and counts PhonePe, Flipkart and Health Prime among its tenants.

The tie-up comes as listed competitor Awfis predicts that tier-two cities will supply nearly 30 per cent of India’s flex-space stock by 2028-29, driven by enterprises seeking lower costs and fresh talent pools. Incuspaze itself signalled its growth ambitions last November, when it said it hoped to raise about USD 25 million (roughly Rs 2.11 billion) in a pre-IPO round.

Operationally, the Gurgaon-based firm turned profitable in FY24, posting a net surplus of Rs 15 million after a Rs 9.8 million loss the year before. Revenue jumped 77 per cent to Rs 883 million from Rs 499 million. FY25 results are yet to be filed.

Industry analysts forecast India’s coworking market will rise from about USD 2 billion in 2025 to USD 2.9 billion by 2030, buoyed by soaring office rents and a surge of new-age companies. Several operators, including Smartworks, DevX and IndiQube, have already lodged draft prospectuses, while WeWork India’s proposed listing remains on hold.

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