OYO's Innov8 raises Rs 110 Cr at Rs 1,000 Cr valuation
Family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia, led the round, contributing 55% of the total funding.
Innov8, a provider of flex spaces owned by OYO, has raised Rs 110 crore in a primary funding round, at a valuation of Rs 1,000 crore.
The capital raise, which saw the company dilute 10% of its equity, was oversubscribed 2.7 times, signalling strong investor interest, the company said.
Family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia, led the round, contributing 55% of the total funding. The funding process was facilitated by InCred.
The New Delhi-based company plans to use the funds to double its co-working centres in India to 100 this year. The funds will also aid acquisitions, technology upgrades, and partnerships.
Innov8 recently launched two centres in Mumbai, located at Navi Mumbai and Andheri, each spanning 1 lakh square feet, with a capacity of 3,000 seats—making them the company’s largest facilities till date.
Rakesh Kumar, Group CFO at OYO, stated, “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.”
Innov8 has over 30 centres across ten cities, including Delhi, Mumbai, and Bengaluru, and hosts more than 8,000 employees from various industries. Its major clients include Swiggy, JioSaavn, Tata Digital, and Paytm.
The company aims to add 4 million square feet of managed office space across India over the next three years. It is focused on expanding its presence in Tier I cities such as Delhi, Gurgaon, Mumbai, and Bengaluru.
Pankhuri Sakhuja, Innov8’s Business Head, said, “Over the past few years, we have prioritised long-term, sustainable growth. This capital infusion will not only strengthen our financial stability but also lay a robust foundation for future expansion.”
Innov8, which was founded in 2015 by Dr Ritesh Malik, reported a profit after tax of Rs 62 crore in FY2024, including one-time exceptional items—clocking a sharp increase from Rs 2.5 crore in FY2023. This makes Innov8 one of the few net-profitable players in India’s competitive co-working sector, said the company.
The startup claims to have achieved over 90% occupancy across its centres, driven by increased demand for flexible workspaces.
Edited by Swetha Kannan