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Innov8, a flexible space provider owned by Oyo, successfully raised INR 110 crore in its primary funding round, selling 10% of its stake. The issue, which was oversubscribed by 2.7 times, was facilitated by InCred and valued Innov8 at INR 1,000 crore. Prominent family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia, led the round, contributing 55% of the total funds. The capital will support Innov8's expansion plans, technology upgrades, and acquisitions, as it aims to double its co-working centers in India by 2025. Recently, the company launched two new centers in Mumbai and plans to expand into tier-I cities.
Innov8, the flexible space provider owned by Oyo, has raised a significant INR 110 crore in its primary funding round. This was achieved by diluting 10% of the company's stake. The round, overseen by InCred, was highly successful, being oversubscribed by 2.7 times. The company's valuation following the round was set at INR 1,000 crore. Advertisement
A notable feature of this funding round was the strong backing from some prominent family offices. These included those of Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia. Together, they contributed a substantial 55% of the total funds raised, demonstrating the confidence investors have in Innov8's growth potential.
Rakesh Kumar, the group CFO of Oyo, shared that the funds will play a crucial role in accelerating Innov8's expansion. He highlighted that these funds would help build on the strong growth the company has already seen and further leverage its operational capabilities.
Innov8 has set an ambitious goal of doubling its number of co-working centers in India to 100 by 2025. The capital raised will enable the company to pursue acquisitions, upgrade its technological infrastructure, forge new partnerships, and explore niche market opportunities.
As part of its ongoing expansion, Innov8 has already launched two new centers in Navi Mumbai and Andheri, Mumbai. These centers span more than 100,000 square feet each and are designed to accommodate a combined total of 3,000 seats. This addition aligns with the company's strategy to scale up and cater to the growing demand for flexible office spaces in key locations.
Looking to the future, Innov8 aims to expand its presence in tier-I cities across India. Over the next three years, the company plans to add four million square feet of managed office space, further strengthening its position in the competitive co-working space market.
In addition to the successful funding round, Innov8 has reported impressive financial growth. For FY24, the company posted a profit after tax of INR 62 crore, marking a significant increase from INR 2.5 crore in FY23. This growth includes one-time exceptional items, reflecting the company's strong operational performance.
Innov8's successful funding round marks a significant milestone in its growth trajectory, with the company now poised to expand its presence in India's co-working space market. The INR 110 crore raised will help fuel the company's expansion into tier-I cities, support technology upgrades, and boost acquisitions. As the demand for flexible office spaces grows, Innov8's strategic plans to scale its operations and improve profitability are expected to position it well for the future.
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