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Innov8, the co-working arm of OYO, has secured a fresh INR 1,000 crore valuation following a 3% equity stake sale to prominent investors, including the Raymond Family Office, which picked up nearly 2%. This follows a prior INR 110 crore fundraise earlier this year, where approximately 10% equity was sold to several high-profile family offices. Innov8, founded in 2015 by Ritesh Malik, currently operates 30 centres across 10 major cities and posted a sharp jump in profit after tax from INR 2.5 crore to INR 62 crore in FY24. The new capital will be used to expand operations to 100 centres by year-end.
Innov8, a co-working brand under OYO's umbrella, recently attracted significant investor interest, resulting in a 3% stake sale that values the company at INR 1,000 crore. Of the total stake sold, close to 2% was acquired by the Raymond Family Office. This strategic transaction is expected to support Innov8's next phase of expansion as it gears up to scale operations across India's top urban markets. Advertisement
This latest development comes shortly after Innov8 raised INR 110 crore in fresh funding earlier this year. That round saw the company part with around 10% of its equity, bringing on board several marquee investors, including family offices connected to Gauri Khan, Mankind Pharma, Rupa, and Jagruti Dalmia. The back-to-back fund infusions highlight a strong vote of confidence in the co-working brand's growth trajectory and operational profitability.
Founded in 2015 by entrepreneur Ritesh Malik, Innov8 currently operates 30 centres across 10 Indian cities, including key metros like Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, Ahmedabad, and Indore. With occupancy levels now crossing 90%, the brand has tapped into the post-pandemic demand for flexible and collaborative workspaces. It is now setting its sights on scaling up to 100 operational centres by the end of the year.
Financially, the company has demonstrated robust performance. Innov8's profit after tax surged to INR 62 crore in FY24, compared to just INR 2.5 crore in the previous financial year. The significant improvement reflects the company's efficient business model and the rising preference for asset-light workspace solutions.
According to data from Vestian, the market for flexible workspace in India is poised to cross 100 million sq ft by 2026, indicating considerable headroom for further expansion. Innov8's partnership with OYO provides it with an added edge leveraging OYO's global network of over 150,000 properties across 35+ countries and a strong technology backbone. This allows Innov8 to remain agile and scalable while tapping into OYO's operational ecosystem.
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