Innov8, the co-working firm owned by OYO group, reported a net profit of Rs 62 crore in FY24, attributing the growth to its asset-light expansion model.
Photograph: Kind courtesy Ritesh Agarwal/Twitter
New Delhi, Dec 10 (PTI) OYO group's co-working firm Innov8 on Tuesday reported a net profit of Rs 62 crore in the last fiscal year.
The company in a statement said it has posted a "Profit After Tax (PAT) of Rs 62 crore in 2023-24 including one-time exceptional items compared to Rs 2.5 crore in FY 2023."
Innov8 did not provide the revenue number for the last financial year.
Innov8 attributed the growth to its operating model which focuses on asset light expansion with minimum capex investment.
The company currently operates over 45 centres spanning 17,000 seats across 10 major cities including Delhi-NCR, Mumbai, Bengaluru and Hyderabad.
It is planning to double its centers in 2025 shifting towards bigger centers with the seat capacity expected to expand to over 50,000.
Home » Market News » Innov8 Reports Rs 62 Crore Net Profit in FY24
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