OYO-owned Innov8 has reportedly sold 3% stake in the company at INR 1,000 Cr valuation to expand its flexible workspace.
A PTI report, citing sources, said that Raymond family office has emerged as the lead investor, acquiring nearly 2% share.
In January this year, Innov8 closed its primary funding round of INR 110 Cr, led by a clutch of prominent family offices, at a valuation of INR 1,000 Cr. The family offices that participated in the round included Mankind Pharma, Gauri Khan, Rupa Group and Jagruti Dalmia.
The company diluted 10% of its stake, facilitated by InCred, to raise the capital. Back then, it said that the issue was oversubscribed by 2.7X.
Inc42 has reached out to Innov8 for comments on the development. The story will be updated based on the response.
Founded in 2015 by Ritesh Malik, Innov8 offers premium coworking space across nine places – Delhi NCR, Gurugram, Noida, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad and Hyderabad. The startup claims that over 350 brands, including Swiggy, PhonePe, Jio Saavn and PepsiCo, use its office spaces.
Innov8, which runs 45 centres accommodating around 17,000 seats, is planning to double its centres and increase seating capacity to 50,000 by next year. It is also expanding its presence in existing Tier I cities by optimising operations in these locations, instead of exploring new grounds.
On the financial front, Innov8 claimed its profit after tax (PAT) jumping multifold to INR 62 Cr in the financial year 2023-24 (FY24) from INR 2.5 Cr in the previous year. It attributed the growth in its bottomline to its asset light business model, which is a combination of flexible and coworking spaces, as well as its strategic presence in key clusters in metro cities.
Innov8 competes against the likes of Awfis, 91springboard, COWRKS, Bhive and WeWorkIndia in the shared workspaces market.
Its industry peer WeWork India filed its draft red herring prospectus (DRHP) with the capital markets regulator SEBI to raise funds through an initial public offering (IPO) in February.
(The story will be updated soon)
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