Innov8, a flex space startup has raised ₹110 crore by diluting 10% of its stake, securing investments from prominent family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia. These investors collectively contributed 55% of the total funds raised.
The funding round, facilitated by InCred, was priced at a valuation of ₹1,000 crore.
Innov8 plans to leverage this fresh infusion of capital to accelerate its expansion in India and aims to double its coworking centres to 100 by 2025. As part of its broader expansion strategy, Innov8 aims to strengthen its presence in Tier 1 cities, including Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad.
The funds will be strategically utilized to explore new growth opportunities, including acquisitions, technological advancements, partnerships, and expansion into niche segments. The company also plans to enhance its offerings to cater to the increasing demand for flexible workspaces, driven by businesses of all sizes embracing hybrid work models.
“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,” said Rakesh Kumar, Group Chief Financial Officer at OYO, the parent company of Innov8.
“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,” said Pankhuri Sakhuja, Business Head at Innov8.
Founded in 2015 by Ritesh Malik, Innov8 is a workspace and community startup based in India. Acquired by Oyo in 2019, Innov8 have centers across India – Delhi, Noida, Gurgaon, Mumbai, Navi Mumbai, Bangalore, Hyderabad, Chennai and Pune.
Innov8 has recently launching two new centres in Mumbai at Navi Mumbai and Andheri. These locations, spanning over 1 lakh square feet each, collectively offer a seating capacity of 3,000, making them the company’s largest coworking facilities to date.
The company is also planning to add 4 million square feet of managed office space in India over the next three years.
Financially, Innov8 has demonstrated strong performance, reporting a Profit After Tax (PAT) of ₹62 crore in FY 2024, including one-time exceptional items. This marks a significant leap from the ₹2.5 crore PAT recorded in FY 2023, highlighting the company’s improved operational efficiency and profitability.
