OYO-owned Innov8, which offers flexible office spaces, has secured ₹110 crore in funding from investors, including Gauri Khan’s family office, to support its coworking business expansion and future growth.
Innov8 completed a ₹110 crore primary funding round, diluting 10% of its equity to raise the amount. Investors oversubscribed the round by 2.7 times, raising the funds at a valuation of ₹1,000 crore.
Prominent family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia, led the round. These investors contributed 55% of the total funds raised.
Innov8 has revealed its plan to double the number of its coworking centres in India to 100 by 2025.
The company will use the raised funds to support strategic growth opportunities, including acquisitions, technology enhancements, partnerships, and expansion into specialized market segments.
“The funds raised will empower Innov8 to accelerate our expansion plans, building on the strong growth and operating leverage we are already achieving. It also underscores the trust and confidence our investors have in our vision, business model, and growth trajectory,” Rakesh Kumar, Group Chief Financial Officer of OYO, said.
Innov8 recently opened two new centres in Mumbai, Navi Mumbai and Andheri. Each centre covers over 1 lakh square feet and offers a total seating capacity of 3,000, making them Innov8’s largest facilities.
This expansion is part of Innov8’s ongoing effort to grow its presence in key Tier 1 cities, including Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad.
Furthermore, Innov8 plans to add 4 million square feet of managed office space across India over the next three years.
“Over the past few years, we have prioritized long-term, sustainable growth. This capital infusion will not only strengthen our financial stability but also lay a robust foundation for future expansion,” Pankhuri Sakhuja, Business Head of Innov8, said.
Founded in 2015, Innov8 has experienced over 90% occupancy in its centres, fueled by the growing demand for flexible office spaces.
The company reported a Profit After Tax (PAT) of ₹62 crore for 2023-24, including one-time exceptional items, a significant increase from ₹2.5 crore in the previous year.
Innov8, founded by Ritesh Malik, now operates in ten cities with over 30 centres.
