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Coworking firm Innov8 has raised 110 crore ($13 million) in a primary funding round led by prominent family offices, including Mankind Pharma, Gauri Khan, Rupa Group and Jagruti Dalmia.
Together, these investors accounted for 55% of the total funds raised. The company diluted 10% of its stake for this capital infusion.
According to the company, the issue was oversubscribed by 2.7 times and the fund raise was facilitated by InCred and was priced at a valuation of Rs 1,000 crore (nearly $120 million).
Innov8 has recently announced that it plans to double its coworking centers in India to 100 in 2025. The fresh capital will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments.
Founded in 2015 by Ritesh Malik, Innov8 currently operates in 10 cities—Delhi, Gurgaon, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore—boasting over 45 centers that host more than 17,000 employees from brands like Swiggy, IndusInd Bank, Jio Saavn, PhonePe, and Tata Digital.
The firm recently launched two centers in Mumbai at Navi Mumbai and Andheri. Each center, spanning over 1 lakh square feet with a total seating capacity of 3,000, marks Innov8’s largest facilities to date.
Innov8 reported a net profit of Rs 62 crore for the financial year 2024 from Rs 2.5 crore in FY23.
Innov8 was acquired by OYO in March 2019, and it has been operating as a separate entity since then. The latest funding also marks its first instance of external funding under the OYO umbrella.