Incuspaze acquires Trios ahead of $25 million pre-IPO fundraising
Flexible workspace provider
Incuspaze has acquired Pune-based smaller rival
Trios
ahead of a $25 million (about Rs 215 crore) planned
pre-IPO fundraising
, its founder said.
He did not disclose the financial terms of the acquisition, but said Trios would add Rs 20-25 crore in annual revenue to the company's portfolio.
Gurugram-based Incuspaze is preparing for a public listing in two-three years.
by Taboola
by Taboola
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The company, which had last year secured $8 million in funding, is expected to close the $25 million pre-IPO round within a few months
'The founders of Trios will remain with us and will be given Esops (
employee stock options
). We are looking for an IPO in 24-36 months, which will create wealth for founders,' said Choudhary, who is also its chief executive. '…we are looking for more acquisitions and should complete at least two by December this year,' he said.
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Incuspaze is targeting Rs 350-400 crore in revenue in FY25–26 compared to Rs 150 crore in FY25, he said, banking on acquisitions and an expected increase in leased space to drive revenue growth.
Trios has 10 centres in Pune and two in
Gurugram
. The acquisition will help Incuspaze, which recently leased 100,000 sq ft in Pune, to expand its presence in the city.
Founded in 2017, Trios manages a portfolio of 150,000 sq ft.
Growing demand for flexible workspaces in India is driving companies in the sector to pursue aggressive expansion plans. This is also leading to a wave of IPOs to raise funds.
The demand for flexible workspaces is primarily driven by organisations focused on using their capital more efficiently and adopting hybrid and distributed work models effectively.
There are more than 440 flexible workspace operators in India and the top 10 operators (by portfolio size) account for almost 60% of the total flexible workspace stock
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