Incuspaze Acquires Pune-Based Trios, Targets ₹350–400 Crore Revenue in FY26
Managed workspace provider Incuspaze has announced the acquisition of Pune-headquartered co-working firm Trios in a cash and stock deal, aiming to scale its footprint and operational capacity in India’s rapidly growing flexible workspace market. The acquisition, a full 100% buyout, was confirmed by Incuspaze though the financial details of the deal were not disclosed.
With this acquisition, Incuspaze seeks to enhance its regional presence in Pune and consolidate its position as a full-stack workspace provider for multinational corporations and global capability centers (GCCs). The company stated that the integration of Trios is expected to result in a 10–15% increase in topline revenue, pushing it closer to its revenue target of ₹350–400 crore for the financial year 2025–26.
Sanjay Choudhary, Founder and CEO of Incuspaze, stated that the acquisition is expected to significantly expand the company’s regional footprint while enabling improvements in cost efficiency and service standardization across all locations. He highlighted that TRIOS represents a strong strategic and cultural fit for Incuspaze, with its technology capabilities expected to support the company’s plans for enhancing workplace experience.
The integration is projected to unlock value across multiple dimensions, including revenue synergies, technology upgrades, and operational streamlining. According to the company, the unification of services will enable standardised customer experience across the network, as well as position Incuspaze for long-term scalability.
Sanjay Chatrath, Co-founder and Managing Partner at Incuspaze, noted that the acquisition marks a pivotal step in the company’s goal to build a PAN-India network of flexible workspaces. He emphasised that TRIOS’ strong presence in Pune aligns well with Incuspaze’s broader national strategy and is expected to generate synergies across operations, technology platforms, and customer service delivery.
As part of the deal, Trios’ founding team will remain involved post-acquisition, facilitating a smoother transition and supporting long-term integration. Trios, known for its presence in Pune’s commercial hubs, brings with it a client base and operational infrastructure that fits well with Incuspaze’s portfolio.
This development expands Incuspaze’s total footprint to over 50 locations across 18 cities in India, covering a cumulative portfolio of approximately 4 million square feet. The company now plans to accelerate its presence in Tier-1 cities and emerging Tier-2 markets using a dual strategy of mergers and acquisitions (M&A) alongside greenfield expansion.
In earlier announcements, Incuspaze stated that it would invest ₹100 crore to add 2 million sq ft of new space by the end of 2025. The acquisition of Trios aligns with this broader growth plan and strengthens the company’s appeal to large corporate tenants seeking high-standard managed office infrastructure.
Founded in 2016, Incuspaze operates across major Indian metros including Delhi-NCR, Mumbai, Bengaluru, Hyderabad, and now Pune, while also expanding into Tier-2 cities like Indore, Kochi, and Lucknow. The company’s strategy centers on serving both enterprise clients and growing startups, with offerings ranging from private suites and custom-built offices to managed enterprise campuses.
The acquisition comes at a time when India’s flexible workspace segment is witnessing renewed demand driven by hybrid work models, cost optimization needs, and increasing adoption by large enterprises. Industry observers note that M&A activity is likely to remain high in this segment as operators aim to consolidate capacities and deliver consistent service across distributed teams.
The move also comes amid Incuspaze’s preparations for a potential IPO within the next 24 to 36 months. Strengthening its revenue base and geographical reach through acquisitions like Trios could support that ambition by boosting scale, efficiency, and investor confidence.
Image source- incuspaze.com
