Innov8’s Bold Expansion: Scaling Up in India’s Booming Co-working Market

A New Chapter in Flexible Workspace

In a move that underscores the surging demand for flexible office solutions, OYO-owned coworking brand Innov8 has sold a 3% stake at a remarkable ₹1,000 crore valuation. The transaction, led by Raymond Family Office—which acquired nearly 2%—marks a pivotal moment in Innov8’s journey to expand its footprint and solidify its position as a leader in India’s evolving workspace landscape.

Strategic Partnerships and Rapid Growth

This latest investment follows a successful ₹110 crore fundraising round in January 2024, which saw participation from high-profile family offices including Gauri Khan, Mankind Pharma, Rupa Group, and Jagruti Dalmia. These strategic partnerships reflect growing confidence in Innov8’s business model and its ability to capitalize on the post-pandemic shift toward flexible, managed workspaces.

A Vision for 100 Centres

Founded in 2015 by Ritesh Malik, Innov8 now operates more than 30 centres across 10 major cities: Delhi, Gurugram, Noida, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore. With occupancy rates exceeding 90% and profitability soaring—Innov8 reported a profit after tax of ₹62 crore in FY24 compared to ₹2.5 crore in FY23—the company is well-positioned to achieve its ambitious goal of 100 centres by the end of the year.

Meeting the Needs of Modern Businesses

The demand for flexible workspaces has skyrocketed as corporates of all sizes seek to reduce capital expenditure and embrace agility. Innov8’s modern, tech-enabled centres cater to this trend, offering a dynamic environment that fosters productivity, collaboration, and growth. “Corporates are increasingly choosing coworking spaces for their flexibility and cost efficiency,” note industry experts.

A Market Poised for Transformation

According to real estate consultant Vestian, coworking operators are projected to hold over 100 million square feet of office space by the end of 2026. This explosive growth is driven by evolving workplace preferences and the rise of hybrid work models. Innov8’s expansion is a testament to the sector’s resilience and its critical role in shaping the future of work in India.

A Global Perspective

While Innov8 focuses on scaling across India, its parent company, OYO Group, continues to expand its global footprint, managing over 1.5 lakh hotel and home storefronts in more than 35 countries. OYO’s tech-driven solutions and international presence further strengthen Innov8’s ability to innovate and adapt in a rapidly changing market.