Coworking Startup Innov8 Aims at Fresh INR 100 Cr Funding, In Talks with Investors

Coworking startup Innov8 is allegedly in negotiations with investors about a main fundraising round to drive its development goals.

Malik founded Innov8 in 2015, and it now offers premium coworking space in nine cities: Delhi NCR, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore.

Moneycontrol said that the company plans to raise INR 100 crore ($11.9 million) in the round at a valuation of INR 1,200 crore ($142.2 million).

InCred is leading the fundraising efforts.

The startup claims to have over 350 brands, including Swiggy, PhonePe, and Jio Saavn, working in its office spaces.

Related: WeWork India Hires Janak Malkani for Office Growth

With this new funding, the business plans to accelerate its inorganic growth through acquisitions, technology upgrades, collaborations, and entry into niche markets.

Meanwhile, Innov8 plans to quadruple its coworking centers in India to 100 by next year.

This development comes weeks after the firm entered the managed office sector with the introduction of a new vertical for the segment and announced intentions to build 4 million square feet of managed office space in India over the next three years.

The corporation then allocated INR 50 crore for the creation of the new infrastructure.

In 2019, OYO bought Innov8 in an all-cash transaction valued at around INR 220 crore ($31.84 million).

It is worth noting that CBRE’s India Office Occupier Survey revealed that flexible space providers have acquired more than 15% of the total office leasing market share, which is expected to rise to nearly 60% in the coming years.

Many coworking space firms, including Awfis, made their stock market debuts earlier this year, and Smartworks, DevX, and Indiqube are expected to follow suit soon.

Meanwhile, in June, coworking company Smartworks raised $12 million (about INR 100 crore) in a funding round led by Ananta Capital, which also backs Bella Vita Organic.