Innov8, a prominent coworking space provider owned by OYO, has raised INR 110 crore in a successful funding round, driven by the growing demand for flexible office solutions and hybrid work models, pushing its valuation to an impressive ₹1,000 crore.

The round, led by renowned investors like Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia, garnered 2.7 times oversubscription. This accomplishment underscores growing confidence in the coworking industry, fueled by the rising demand for flexible office solutions.

Investors, including Mankind Pharma and Gauri Khan, contributed 55 percent of the funds, reinforcing the sector’s appeal. Innov8 strategically leveraged this capital to bolster India’s coworking market presence. The funding, facilitated by InCred, also marked Innov8’s first external fundraising effort under OYO’s ownership, signaling its aggressive expansion strategy.

Expansion to Transform Coworking Spaces

Innov8 aims to double its coworking centers to 100 locations by 2025, with plans to dominate Tier 1 cities such as Delhi, Mumbai, and Bangalore. Recently, the company unveiled two sprawling coworking hubs in Mumbai—Andheri and Navi Mumbai—each accommodating 3,000 seats across 1 lakh square feet. These additions mark a milestone in the company’s mission to deliver innovative, collaborative spaces for India’s growing workforce.

The fresh funds will power Innov8’s technology upgrades, partnerships, and potential acquisitions. According to Rakesh Kumar, Group CFO of OYO, these strategic moves will enhance operational efficiency and strengthen customer experience. Innov8’s focus on innovative solutions positions it to lead the coworking industry’s next growth phase.

Record-Breaking Financial Performance

Innov8’s financial trajectory highlights its potential. The company posted a remarkable Profit After Tax of ₹62 crore for FY 2023-24, compared to ₹2.5 crore in the prior fiscal year. This growth reflects the increasing adoption of coworking spaces, driven by the shift toward hybrid work models post-pandemic.

Since its acquisition by OYO in 2019, Innov8 has operated independently, focusing on providing world-class coworking spaces. With over 45 centers across 10 cities and hosting 17,000 employees from major brands like Swiggy and Tata Digital, Innov8 has cemented its reputation as a key player in the flexible workspace industry.

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