OYO-owned Innov8 claims Rs 62 Cr net profit in FY24

Coworking startup Innov8 has announced a net profit of Rs 62 crore for the financial year 2024, a remarkable leap from the Rs 2.5 crore reported in FY23. With this achievement, Innov8 has joined the elite ranks of net-profitable flex space companies in India.

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 company is gearing up to double its footprint in 2025, aiming to increase seat capacity to over 50,000—a threefold growth.

To support this aggressive expansion, Innov8 is in the process of raising Rs 100 crore. It will also target acquisitions, technology upgrades, partnerships, and niche market segments.

Innov8 also plans to add four million square feet of workspace over the next three years. This growth will focus on premium Grade A buildings equipped with state-of-the-art amenities, catering to the evolving needs of businesses.

Innov8 was acquired by OYO in March 2019, and it has been operating as a separate entity since then.

The coworking market in India is experiencing exponential growth, projected to reach 126 million square feet by 2028, up from 61 million square feet in 2023, according to Avendus. The sector is being fueled by global capacity centers, startups, solopreneurs, SMEs, and large enterprises seeking flexible, collaborative spaces to boost productivity and optimize operational costs.