Mankind Pharma, Gauri Khan, and Others Lead Innov8's INR 110 Cr Funding Round The funding issue was oversubscribed by 2.7 times and facilitated by InCred, with the company being valued at INR 1,000 crore (around USD 120 million).
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Innov8, a leading provider of flexible workspaces and a subsidiary of OYO, has successfully raised INR 110 crore (approximately USD 13 million) in a primary funding round.
The round was led by prominent family offices, including Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia, who collectively contributed 55% of the total funds raised. The company diluted 10% of its stake as part of the capital infusion.
The funding issue was oversubscribed by 2.7 times and facilitated by InCred, with the company being valued at INR 1,000 crore (around USD 120 million).
Innov8 plans to leverage the fresh capital to double its co-working centers in India to 100 by the end of the year. Additionally, the funds will be used for acquisitions, technology upgrades, and strategic partnerships.
Recently, the New Delhi-based firm launched two massive centers in Mumbai, located in Navi Mumbai and Andheri. Each center spans 1 lakh square feet and accommodates up to 3,000 seats, making them the company's largest facilities to date.
Innov8 currently operates over 30 centers across ten cities, including Delhi, Mumbai, and Bengaluru, hosting more than 8,000 employees from a variety of industries. Major clients include Swiggy, JioSaavn, Tata Digital, and Paytm.
Rakesh Kumar, Group CFO at 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 at Innov8, stated, "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."
Innov8, founded in 2015 by Dr Ritesh Malik, reported a profit after tax of INR 62 crore for FY2024, marking a significant increase from INR 2.5 crore in FY2023, including one-time exceptional items. The company claims an impressive occupancy rate of over 90%, driven by the rising demand for flexible workspaces.
Looking ahead, Innov8 aims to add 4 million square feet of managed office space across India over the next three years, with a focus on expanding its presence in Tier I cities such as Delhi, Gurgaon, Mumbai, and Bengaluru.
