OYO-backed co-working firm Innov8 has sold a 3% stake at a ₹1,000 crore valuation to fuel expansion plans. The Raymond Family Office led the investment round, acquiring nearly 2%. With over 90% occupancy and 30+ centres, Innov8 aims to reach 100 centres by year-end amid rising demand for flexible workspaces.
Innov8 Raises Fresh Capital to Accelerate Growth
In a move underscoring the rapid rise of India’s co-working industry, OYO-owned Innov8 has sold a 3% stake at a ₹1,000 crore valuation, according to sources. The Raymond Family Office led the round, picking up nearly 2%, as Innov8 ramps its expansion in response to surging demand for flexible workspaces.
This funding follows a ₹110 crore capital raise earlier in January, when Innov8 diluted 10% equity to high-profile investors including family offices of Gauri Khan, Mankind Pharma, Rupa Group, and Jagruti Dalmia.
Aggressive Expansion Backed by Profitability
Founded in 2015 by Ritesh Malik, Innov8 operates over 30 centres across 10 Indian cities, including Delhi, Bengaluru, Mumbai, and Hyderabad. The company has experienced significant occupancy growth—over 90% at many locations—and is targeting 100 centres by the end of 2025.
What sets Innov8 apart is its profitability. The company reported a profit after tax of ₹62 crore in FY24, a significant leap from ₹2.5 crore in the previous year, signalling strong operational performance and investor confidence.
Flexible Workspaces Gain Ground Post-Pandemic
A shift in corporate real estate preferences post-pandemic is fueling the co-working boom in India. “Managed and flexible workspaces offer cost savings and adaptability—two priorities for companies navigating hybrid work,” said property experts.
According to real estate consultancy Vestian, co-working operators are expected to occupy over 100 million sq ft of office space by 2026, cementing their role as mainstream workplace providers.
OYO’s Larger Bet on Workspaces
While Innov8 operates independently, it benefits from the tech and infrastructure backing of parent company OYO Group, which manages over 1.5 lakh hotel and home storefronts in more than 35 countries. OYO has not issued a comment on the recent stake sale.
With this latest infusion and a favourable market outlook, Innov8 appears poised to lead India’s next phase of co-working evolution—blending profitability, scale, and flexibility for the modern workforce.
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