NEW DELHI – Innov8, the co-working enterprise under OYO Group’s umbrella, has successfully concluded a transaction involving the sale of a 3 percent stake to investors. This strategic move values the company at an impressive ₹1,000 crore, providing crucial capital for the continued expansion of its operations amidst burgeoning demand for adaptable workspace solutions.
Sources indicate that Raymond Family Office emerged as the primary investor in this round, acquiring a stake of nearly 2 percent. OYO Group, the global travel tech platform, chose not to issue a comment regarding the investment.
This latest fundraising follows Innov8’s earlier success in January of this year, when it secured ₹110 crore from a group of high-profile investors. That prior round saw a 10 percent dilution of Innov8’s equity, with participants including the family offices of Gauri Khan, Mankind Pharma, Rupa Group, and Jagruti Dalmia.
Innov8, established in 2015 by Ritesh Malik, has rapidly expanded its presence. It currently operates over 30 centers across 10 major Indian cities, including Delhi, Gurugram, Noida, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore. The company has observed occupancies exceeding 90 percent at its facilities, a clear indicator of the increasing appetite for flexible office spaces. Innov8 is actively pursuing an ambitious growth target, aiming to establish 100 centers by the close of the current year.
Financially, Innov8 has demonstrated robust performance. The company reported a profit after tax of ₹62 crore for the 2023-24 fiscal year, marking a substantial increase from ₹2.5 crore in the preceding fiscal year (FY23).
Property experts note a significant and sustained increase in the demand for managed flexible workspaces since the onset of the COVID-19 pandemic. Businesses of varying scales are increasingly opting for co-working environments to achieve savings on capital expenditure and benefit from greater operational flexibility. Data from real estate consultant Vestian forecasts that co-working operators will manage more than 100 million square feet of office space by the end of 2026, highlighting the sector’s dynamic expansion.
The parent entity, OYO Group, boasts a vast portfolio, managing over 1.5 lakh hotel and home storefronts across more than 35 countries. The group also provides a suite of technology-driven products and solutions to businesses within the hospitality sector, with a global footprint that includes operations in the US, Europe, Southeast Asia, and the UK.
