OYO-owned flex space firm Innov8 raises Rs 110 cr at Rs 1,000 cr valuation

Funding will be used for acquisitions, technology and partnerships, says startup

Innov8, a flexible office space startup owned by hospitality major OYO, has raised Rs 110 crore at a valuation of Rs 1,000 crore.

 

The company diluted 10 per cent of its stake for this capital infusion. The funding round was led by the family offices of Gauri Shahrukh Khan, Mankind Pharma, Rupa Group, and Jagruti Dalmia. These investors accounted for 55 per cent of the total funds raised. InCred, a financial services company, facilitated the fund raising

 

The issue received a strong interest from strategic investors and it was finally oversubscribed by 2.7 times, according to a statement by Innov8.

 

 

Innov8 has said it plans to double its coworking centers in India to 100 in 2025. “The capital raised will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments,” it said.

 

The company has two office centres in Mumbai and Andheri: Each of more than 1 lakh square feet and a seating capacity of 3000. “The initiative is part of the company's ongoing programme to expand its presence in existing Tier-1 cities including Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad. Additionally, Innov8 also plans to add 4 million square feet of managed office space in India in the coming three years,” it said.

 

Rakesh Kumar, group chief financial officer of OYO, said: “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”.

 

Pankhuri Sakhuja, business head of Innov8, 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 said its centres have more than 90 per cent occupancy, driven by rising demand for flexible office spaces. The company reported a profit after tax of Rs 62 crore in Financial Year 2023-24, including one-time exceptional items and compared to Rs 2.5 crore the year before.