Innov8, a subsidiary of Oyo, offloads a 3% equity for a grand valuation of 1 billion rupees
Title: Innov8, OYO's Co-working Branch, Grows with Investment, Expanding to 100 Centers by Year-End
Raghav Aggarwal Follow Us Forward-thinking co-working company, Innov8, owned by hospitality giant, Oyo, has secured a significant investment of Rs 1,000 crore. The Raymond Family Office led this round, reflecting high investor confidence in the thriving flexible office market.
Innov8, founded by Ritesh Malik in 2015, boasts more than 30 centers across 10 major Indian cities such as Delhi, Gurugram, Mumbai, Pune, Bengaluru, and Ahmedabad. With over 90% occupancy in existing centers, the demand for flexible office spaces is soaring.
Industry experts confirm that flex offices offer a cost-effective solution, enabling businesses to maintain a flexible work environment. Recently, these companies have reported increased profitability due to sustained demand.
Looking to capitalize on this surge, Innov8 aims to double its co-working centers to 100 by the end of the year. In 2023-24, Innov8 reported a profit after tax of Rs 62 crore, marking a significant leap from the previous year's Rs 2.5 crore.
Innov8 currently employs around 8,000 employees and serves esteemed clients like Swiggy, Tata Digital, Paytm, Whirlpool, BBC News, Nykaa, and PepsiCo. The company is capitalizing on this investment to amplify its footprint and meet the growing demand for flexible office spaces.
[1]Source: Various enrichment sources.
