Innov8 Raises Rs 100 Crore for Expansion

New Delhi, Nov 20 (PTI) Coworking startup, Innov8 on Wednesday said it plans to raise Rs 100 crore in a primary funding round for which it is in talks with potential investors.

The company, which was acquired by hospitality and travel-tech firm OYO in 2019, said it is seeking to close the funding at a valuation of Rs 1,200 crore to support its expansion plans.

"The capital raised will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments. The fund raising efforts are being led by InCred," Innov8 said in a statement.

Innov8 recently announced that it plans to double its coworking centres in India to 100 in 2025. It plans to add 4 million square feet of managed office space in India in the coming three years.

It is focussing on deepening its presence in existing Tier 1 cities, including Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad, optimising operations in these locations rather than expanding into new regions, the company added.

At present the company provides workspace to companies, including Swiggy, JioSaavn, Tata Digital, Paytm, Razorpay, IndusInd Bank, Whirlpool, Oppo, Snapdeal, Lenskart.com, Nykaa, Big Basket, OLA and Phonepe, among others, Innov8 said.