Incuspaze acquires co-working firm Trios to strengthen presence in Pune

IPO-bound coworking space provider Incuspaze has acquired Pune-based TRIOS in a cash-and-stock deal. 

This acquisition of its smaller rival will help boost Incuspaze’s revenue and strengthen its presence in Pune.

Incuspaze said the deal aligns with its goal of reaching Rs 350–400 crore in operating revenue by FY26 and meeting the rising demand from global capability centres (GCCs) and multinational companies (MNCs).

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About TRIOS 

TRIOS was founded in 2015 by Pratik Potnis and Tejasa Potnis, TRIOS operates 10 coworking centres in Pune and two in Gurugram, serving over 125 clients, including MNCs, GCCs, and small businesses.

Incuspaze recently launched a new company, FlexLeaze, to offer end-to-end office leasing solutions for corporates. Rahul Sarin has been appointed as the co-founder and CEO of FlexLeaze.

With this new venture, Incuspaze has entered the fit-out lease services segment within the managed office space market.

About Incuspaze 

Founded in 2016 by Sanjay Choudhary, Incuspaze is a workspace provider with a presence in 18 Indian cities, including Mumbai, Delhi, Gurugram, Noida, and Bengaluru. It operates over 33 workspaces across the country and serves clients like PhonePe, flipkart and Health Prime.

The acquisition, aimed at expanding Incuspaze’s presence in Pune, comes as coworking space providers increasingly focus on non-metro areas. Awfis CEO Sumit Lakhani recently said in the company’s Q4 earnings call that India’s tier 2 cities are set to drive the “next flex boom.”

“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,” Lakhani said. 

This development comes a few months after Incuspaze announced in November last year that it was planning to raise about $25 million (around Rs 211 crore) in a pre-IPO funding round. However, there have been no updates since then, even though the company is reportedly aiming to go public this year.

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On the financial front, Incuspaze turned profitable in FY24, posting a net profit of Rs 1.5 crore, compared to a loss of Rs 98 lakh in the previous year. Its operating revenue jumped 77% to Rs 88.3 crore from Rs 49.9 crore in FY23.

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