OYO's Innov8 raises Rs 110 crore at Rs 1,000 crore valuation  

The company diluted 10% of its stake for this capital infusion, which will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments.
The Innov8 centre in Saket, Delhi
The Innov8 centre in Saket, Delhi
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Flex space start-up Innov8, which is owned by OYO, has raised Rs 110 crore in a funding round led by family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group and Jagruti Dalmia. These investors together have accounted for 55% of the total funds raised. The fund was raised at an enterprise valuation of Rs 1,000 crore.

The company diluted 10% of its stake for this capital infusion. RakeshKumar, Group Chief Financial Officer, OYO said “The funds raised will empower Innov8 to accelerate our expansion plans, building on the strong growth and operating leverage we are already achieving."

The start-up, which is into premium co-working spaces, recently announced its plans to double its co-working centers in India to 100 in 2025.  The capital raised will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments. Also, it recently launched two centers in Mumbai - Navi Mumbai and Andheri.

Pankhuri Sakhuja, Business Head,Innov8 added “Over the past few years, we have prioritised long-term, sustainable growth. This capital infusion will not only strengthen our financial stability but also lay a robust foundation for future expansion”.

The company, founded in 2015, has seen over 90% occupancy in its centers, driven by rising demand for flexible office spaces. In FY24, it reported a Profit AfterTax (PAT) of Rs 62 crore including one-time exceptional items compared to Rs 2.5 crore in the previous fiscal.

Innov8 is a workspace provider for companies including Swiggy,  Tata Digital, Apollo 24/7, Paytm, Razorpay, Snapdeal, Lenskart.com, Nykaa, and Ola, among others. Founded in 2015 by Ritesh Malik, it is currently present across 10 cities with over 30 centers hosting over 8,000 employees.

According to Avendus report, the commercial real estate market in the country is growing significantly, led by flex workspaces and that it is estimated to grow up to 126 mn sq ft at a 15% CAGR, addressing a $9 billion market by 2028.

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