Flexible office solutions provider Incuspaze has acquired Pune-based co-working operator TRIOS in a deal involving a mix of primary investment, secondary share purchase, and ESOPs. The deal size was not disclosed.
The acquisition is part of the company’s strategy to tap the growing demand for flexible workspaces in Pune. According to Sanjay Choudhary, Founder and CEO of Incuspaze, the deal was funded through internal profits and follows a performance-based payout model, where a portion of the payment will depend on TRIOS’ post-acquisition performance. “There is no significant equity dilution involved at this stage, as this is a 100 per cent acquisition,” he told businessline.
Incuspaze expects the acquisition to become margin-accretive within the next six months, driven by operational consolidation, unified service delivery, and improved asset utilisation.
Post-acquisition, TRIOS will be fully integrated into Incuspaze’s operations. While the brand may continue to operate independently, a final decision on brand identity will be taken at a later stage. The integration will focus on aligning technology platforms, including ERP systems, and standardising service delivery and operations.
For FY25–26, the company is targeting a topline of ₹350–400 crore, with approximately 10 per cent attributed to inorganic growth from acquisitions such as TRIOS, and the remaining 90 per cent from organic expansion, supported by the 1.5 million sq. ft. of assets acquired in the last 12 months.
Looking ahead, Incuspaze is projecting ₹650 crore in topline revenue by FY26–27, with the goal of achieving 20 per cent EBITDA margins through operational efficiency and tech-driven scale. “While our current growth is internally funded, we are evaluating strategic capital-raising options in the medium term to accelerate our roadmap — especially as we prepare for a potential IPO within the next 24–36 months,” Choudhary added.