OYO owned Innov8 reports net profit of Rs 62 Cr in FY24
The company plans to double its centers in 2025 shifting towards bigger centres with the seat capacity expected to expand to over 50,000, a 3X increase.
Coworking space provider Innov8 said it saw a profit after tax of Rs 62 crore in FY24, including one-time exceptional items compared to Rs 2.5 crore in FY 2023.
The company, in a statement, attributed the growth to its asset-light operating model and low capex investment.
In 2019, OYO Hotels and Homes acquired the Delhi-NCR-based company for Rs 220 crore and made its entry into the coworking space.
Founded in 2015 by Dr Ritesh Malik, Innov8 is currently spread across 10 cities—Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad and Indore.
As for the future, the company aims to double its centers in 2025 shifting towards bigger centers with the seat capacity expected to expand to over 50,000, a 3X increase.
To fulfill this goal, the company is raising Rs 100 crore. The capital raised will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments.
Innov8 has expanded into the managed office space sector, aiming to add four million square feet to its footprint across India over the next three years. This growth will concentrate on Grade A buildings, providing clients with premium quality and state-of-the-art amenities to elevate their workspaces, according to the statement.
Edited by Affirunisa Kankudti