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Innov8 Co-working raises USD 4 mn to double its seats to 8,000

Press Trust of India  |  New Delhi 

Innov8 Co-working Thursday said it has raised USD 4 million fund (around Rs 30 crore) to expand its and double its seating capacity to 8,000 by March next year.

Started in 2015, Innov8, which was also part of Silicon Valley incubator Y Combinator, has around 4,000 seats across 13 centres in Mumbai, Bengaluru, Delhi/and Chandigarh.

It is backed by many big investors including founder and Google India's Rajan Anandan, among others.

Gurugram-based Innov8 said in a statement that it "has raised USD 4 million in a pre-series A financing round, led by Family Office."

The investment would help the company bolster its geographical reach by opening up more centres and double up its seat count to 8,000 in the next six months, the statement added.

When contacted, company's founder and said it has raised USD 6.5 million including this round of funding.

Innov8 has more than 190 companies as its members, which include large corporates such as RBL, and emerging enterprises such as Swiggy and

The startup would utilise the funds to make additional investments in building for business, enabling solutions and customer facing apps, investing on community experience and increasing the company's NPS.

"The success of the latest funding round is a strong indication of the trust our investors have in our vision. Innov8 has established a firm foothold in the vast pool of co-working spaces in with its premium and commitment towards delivering excellence through design and experience," Malik said.

He said the company has achieved almost 95 per cent occupancy across all centres. It offers seats in a price range of Rs 10,000-20,000 per month.

Mitesh Shah, of Family Office, said: "Co-working space is an exciting segment to be present in. Innov8 has been able to clearly establish its unique proposition with its best in class design and community culture at value conscious price to its consumers."

Bengaluru-based Family Office is a leading multi family office platform providing a wide range of including wealth management, domestic and offshore tax advisory, estate and succession planning, & legal advisory, full service mentorship academy, among others.

Innov8 competes with Regus, WeWork, CoWrks, Awfis, Smartworks, GoWork and Skootr in the co-working and share office space market that has gained momentum in the last few years.

In June, came out with a report that about 200 co-working players exist in the market running an estimated 400 shared workspaces across the country.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 11 2018. 13:50 IST