Incuspaze looking to raise USD 10 mn to add 10,000 co-working seats in FY'20

Co-working firm Incuspaze has invested USD 1 million to set up nine centres in the last two years and plans to raise at least USD 10 million (about Rs 70 crore) to expand its business and add over 10,000 seating capacity this fiscal.

At present, the company has 9 centres with 1,750 seats, spread over 1.1 lakh sq ft area, in Gurugram, Mumbai, Lucknow, Indore and the national capital.

"We have invested around 1 million dollars so far to set up nine centres. Now we are looking to expand in a big way and are targeting to reach 12,000 seats by March next year," Incuspaze founder and CEO Sanjay Choudhary said.

 

The company plans to open new centres across the country and also overseas in London, Indonesia and Vietnam.

"We are looking to raise at least USD 10 million to execute our expansion plans," he said, adding that the company is in talks with potential investors.

Incuspaze charges anywhere between Rs 5,000 to Rs 13,000 per seat, depending on the location.

Asked about the company's revenue and profit, Choudhary said Incuspaze has achieved a revenue run rate of Rs 12 crore annually.

"We are profitable at both centre level as well as company level. There is a better margin in tier II, III cities," he added.

Choudhary said the brand's offerings are suitable for both enterprise customers and start-ups.

On co-working, he said the flexible workspace segment is growing at a rapid pace in the country on the back of rising demand for quality office space at a reasonable price.