Innov8, a coworking startup, is in talks with potential investors to raise ₹100 crore in a primary funding round. The company is seeking to close the funding at a valuation of ₹1200 crore to support its expansion plans. Innov8 has recently announced that it plans to double its coworking 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.
The fundraising efforts are being led by InCred.
Innov8 is focused on deepening its presence in existing Tier 1 cities including Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad, optimising operations in these locations rather than expanding into new regions.
Innov8 plans to add 4 mn square feet of managed office space in India in the coming three years.
Founded in 2015 by Ritesh Malik, Innov8 is a workspace provider for leading companies like Swiggy, Jiosaavn, Tata Digital, Apollo24/7, Paytm, Manipal global, Razorpay, IndusInd Bank, Whirlpool, BBC News, Pepsico, Blenheim Chalcot, Oppo, Snapdeal, Lenskart.com, Nykaa, Big Basket, OLA, Phonepe and many more.
Innov8 is currently spread across nine cities—Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore—with over 30 centers hosting over 8,000 employees of brands like Swiggy, IndusInd Bank, Jio Saavn, PhonePe, and Tata Digital.
OYO acquired Innov8 in 2019 for reportedly $30 million to get into the commercial real estate market under the brand name OYO Workspaces.
