Innov8, a prominent coworking space provider, has successfully raised ₹110 crore (approximately $13 million) in a primary funding round, led by several high-profile investors, including family offices associated with Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia. Together, these investors contributed 55% of the total funds raised. The company has diluted 10% of its stake in exchange for the capital infusion.
This funding round was oversubscribed by 2.7 times, demonstrating the significant interest from investors. The round was facilitated by InCred and valued Innov8 at ₹1,000 crore (around $120 million).
With this new capital, Innov8 plans to accelerate its expansion across India. The company aims to double its coworking centers to 100 locations by 2025, supporting its growth strategy that includes acquisitions, technology upgrades, new partnerships, and entry into niche market segments.
Founded in 2015 by Ritesh Malik, Innov8 operates across 10 major cities, including Delhi, Gurgaon, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore. The company boasts over 45 centers, catering to more than 17,000 employees from leading brands such as Swiggy, IndusInd Bank, Jio Saavn, PhonePe, and Tata Digital.
Recently, Innov8 expanded its footprint by launching two new coworking centers in Mumbai—located in Navi Mumbai and Andheri. These centers, spanning over 1 lakh square feet each, offer a combined seating capacity of 3,000, making them the largest facilities Innov8 has opened to date.
For FY 2024, Innov8 reported a net profit of ₹62 crore, a significant rise from ₹2.5 crore in FY 2023, highlighting its robust financial growth.
Innov8 was acquired by OYO in March 2019 but has continued to operate as a separate entity under the OYO umbrella. The latest funding round represents the first instance of external capital raised by Innov8 since its acquisition by OYO.
With these strategic investments and expansion plans, Innov8 is well-positioned to solidify its leadership in India’s growing coworking space market.
