Together, these investors accounted for 55% of the total funds raised.
The fund raise was facilitated by InCredand was priced at a valuation of Rs 1000 crore.
Innov8 has recently announced that it plans to double its coworking centres in India to 100 in 2025. The capital raised will support growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments.
“The funds raised will accelerate our expansion plans, building on the strong growth and operating leverage we are already achieving,” said Rakesh Kumar, group chief financial officer, OYO.
Innov8 recently launched two centres in Mumbai at Navi Mumbai and Andheri. Each centre, spanning over 1 lakh square feet with a total seating capacity of 3000, marks Innov8’s largest facilities to date.
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The company plans to expand in existing Tier 1 cities including Delhi, Gurgaon, Noida, Mumbai, NaviMumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad.Additionally, Innov8 also plans to add 4 million square feet of managed office space in India in the coming three years.
“Over the past few years, we have prioritized long-term, sustainable growth. This capital infusion will not only strengthen our financial stability but also lay a robust foundation for future expansion,” said Pankhuri Sakhuja, Business Head, Innov8.
The company, founded in 2015, has seen over 90% occupancy in its centres, driven by rising demand for flexible office spaces.
Innov8 has reported a Profit After Tax (PAT) of Rs 62 crore in FY 2024 including one-time exceptional items compared to Rs 2.5 crore in FY 2023.
