OYO-owned Innov8, which provides flexible office spaces, has raised Rs 110 crore from investors including the family office of Gauri Khan, to expand business and future growth.
Innov8 has successfully concluded a Rs 110 crore primary funding round. It diluted 10 percent to raise this fund, the company said.
The issue was oversubscribed by 2.7 times. The fund was raised at a valuation of Rs 1,000 crore.
The round was led by prominent family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group and Jagruti Dalmia. Together, these investors accounted for 55 percent of the total funds raised.
Innov8 has recently announced plans to double its coworking centers in India to 100 in 2025.
The capital raised will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments.
"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," Rakesh Kumar, Group Chief Financial Officer of OYO said.
Innov8 recently launched two centres in Mumbai at Navi Mumbai and Andheri. Each center, spanning over 1 lakh square feet with a total seating capacity of 3,000, and marked Innov8's largest facilities to date.
The initiative is a part of its ongoing program to expand its presence in existing Tier 1 cities including Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad.
Additionally, Innov8 also plans to add 40 lakh square feet of managed office space in India in the coming three years.
"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," Pankhuri Sakhuja, Business Head of Innov8, said.
The company, founded in 2015, has seen over 90 percent occupancy in its centers, driven by rising demand for flexible office spaces.
Innov8 has reported a Profit After Tax (PAT) of Rs 62 crore in 2023-24 including one-time exceptional items compared to Rs 2.5 crore in the preceding year.
Founded in 2015 by Ritesh Malik, Innov8 is currently spread across ten cities with over 30 centres.
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