Innov8, a premium coworking startup, is gearing up for rapid expansion, targeting ₹100 crore ($11.9 million) in fresh funding at a valuation of ₹1,200 crore ($142.2 million). The fundraising round, led by InCred, aims to drive the company’s inorganic growth strategy through acquisitions, partnerships, and technology upgrades.

The company plans to use the capital to double its coworking centres in India from 50 to 100 by next year. Innov8 also recently ventured into managed office spaces, with plans to develop 4 million square feet of managed workspace over the next three years. To support this, the startup has already allocated ₹50 crore for new infrastructure development.

Scaling Operations in a Competitive Market

Established in 2015 by Malik, Innov8 operates in nine cities, including Delhi NCR, Mumbai, Bengaluru, and Chennai. Its client portfolio includes over 350 prominent brands like Swiggy, PhonePe, and Jio Saavn. In 2019, OYO acquired the company in an all-cash deal worth ₹220 crore ($31.84 million).

The coworking sector is seeing a surge in demand, with flexible workspace providers capturing more than 15% of the total office leasing market, according to CBRE’s India Office Occupier Survey. This figure is expected to grow to 60% in the coming years, driven by the shift towards hybrid work models and increased preference for flexible office solutions.

Innov8’s Vision for Growth

“Innov8’s focus on premium spaces and managed office solutions aligns with the growing demand for flexible work environments,” the company stated. This strategy strengthens its position in the coworking market and expands its reach into the lucrative managed office space segment, which is gaining traction among corporates.

The startup’s aggressive growth plans mirror industry trends, with competitors like Awfis, Smartworks, and Indiqube also scaling their operations. Awfis made its stock market debut earlier this year, while Smartworks recently raised ₹100 crore ($12 million) in funding led by Ananta Capital.

A Promising Outlook for Coworking

The coworking industry in India is experiencing a transformative phase. As startups and enterprises increasingly embrace flexible workspaces, providers like Innov8 are poised to capitalise on this demand. With its expansion plans and entry into managed office spaces, Innov8 aims to cement its leadership position in a rapidly evolving market.

As Innov8 seeks to close its funding round and execute its ambitious growth plans, the company remains a key player in shaping the future of coworking and managed office solutions in India.