Coworking operator Innov8 is planning to raise Rs 100 crore through a primary funding round, the company announced on Wednesday. Discussions are underway with potential investors.
Innov8, acquired by OYO in 2019, aims to achieve a valuation of Rs 1,200 crore through this round. The funds will be utilized to support its strategic goals, including acquisitions, technological advancements, partnerships, and expansion into specialized market segments. InCred is leading the fundraising efforts, the company confirmed in a statement.
The company recently outlined its vision to double its coworking centers across India, targeting 100 locations by 2025. This expansion will add 4 million square feet of managed office space over the next three years.
Innov8’s strategy focuses on strengthening its presence in Tier 1 cities such as Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad. Rather than venturing into new territories, the company is optimizing operations in these existing hubs.
Currently, Innov8 provides office spaces to notable clients, including Swiggy, JioSaavn, Tata Digital, Paytm, Razorpay, IndusInd Bank, Whirlpool, Oppo, Snapdeal, Lenskart, Nykaa, Big Basket, OLA, and PhonePe, among others.
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By Proptechbuzz
By Ravi Kumar
