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By EquityPandit

STARTUPS

Innov8 Secured Rs 110 Crore in Funding 

The company successfully raised Rs 110 crore through a primary funding round.

OYO-owned Innov8, a provider of flexible office spaces, has secured Rs 110 crore in funding from investors, including Gauri Khan’s family office, to support its expansion and future growth.

The company successfully raised Rs 110 crore through a primary funding round, diluting 10% equity in the process. According to the company, the issue was oversubscribed by 2.7 times, and the funding was secured at a valuation of Rs 1,000 crore.

Leading the funding round were prominent family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia, collectively contributing 55% of the total funds raised.

Innov8 recently announced its plans to double its coworking centres in India to 100 by 2025. The newly raised capital will be utilized to drive strategic initiatives, such as acquisitions, technology enhancements, partnerships, and expansion into specialized market segments.

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.”

Innov8 recently unveiled two new centres in Mumbai, Navi Mumbai and Andheri. Each facility spans over 1 lakh square feet and offers a seating capacity of 3,000, making them the largest centres launched by the company to date.

This expansion aligns with Innov8’s strategy to strengthen its footprint in Tier 1 cities such as Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad.

Furthermore, the company plans to add 40 lakh square feet of managed office space across India over the next three years.

Pankhuri Sakhuja, Business Head of Innov8, said, “Over the past few years, we have prioritized long-term, sustainable growth. This capital infusion will not only strengthen our financial stability but also lay a robust foundation for future expansion.” 

Founded in 2015, Innov8 has achieved over 90% occupancy across its centres, fueled by growing demand for flexible office solutions.

The company reported a Profit After Tax (PAT) of Rs 62 crore in 2023-24, including one-time exceptional items, a significant rise from Rs 2.5 crore in the previous year.

Established by Ritesh Malik, Innov8 now operates in ten cities with a network of more than 30 centres.

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