OYO-owned coworking startup Innov8 is reportedly in talks to raise INR 100 Cr ($11.9 Mn) to fuel its expansion plans
The company looks to raise the new round of funding at a valuation of INR 1,200 Cr ($142.2 Mn)
Weeks ago, the startup forayed into the managed office space with the launch of a new vertical for the segment
OYO-owned coworking startup Innov8
is reportedly in talks with investors for a primary funding round as it looks to fuel its expansion plans.
The company is looking to raise INR 100 Cr ($11.9 Mn) in the round at a valuation of INR 1,200 Cr ($142.2 Mn), Moneycontrol reported.
The fundraising efforts are being led by InCred.
With this fresh capital, the startup aims to bolster its inorganic growth, which includes acquisitions, technology upgrades, partnerships and expansion into niche segments.
Inc42 has reached out to Innov8’s founder and chief executive Ritesh Malik for comments on the development. The story will be updated based on his response.
Meanwhile, Innov8 is also targetting to double its coworking centres in India to 100 next year.
This development comes weeks after the startup forayed into the managed office space with the launch of a new vertical for the segment and also highlighted its plans to add 4 Mn square feet of managed office space in India in the coming three years.
For the same, the company then allocated an investment of INR 50 Cr towards the development of the new infrastructure.
Founded in 2015 by Malik, Innov8 offers premium coworking space across nine cities – Delhi NCR, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore.
The startup claims to have over 350 brands, like Swiggy, PhonePe, Jio Saavn, working in its office spaces.
Innov8 was acquired by OYO in an all-cash deal worth about INR 220 Cr ($31.84 Mn) in 2019.
It is to note that CBRE’s India Office Occupier Survey disclosed that flexible space providers have captured more than 15% of the total office leasing market sharesand this number is set to grow to close to 60% in the next couple of years.
Banking on the projection, many coworking space startups such as Awfis made its stock market debut earlier this year, while Smartworks, DevX, Indiqube, are set to join public markets soon.
Meanwhile, coworking startup Smartworks raised $12 Mn (around INR 100 Cr), in June, in a funding round led by Ananta Capital, the backer of Bella Vita Organic.
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