Flexible office space provider Innov8 has concluded a ₹110 crore primary funding round from investors, including the family office of Gauri Khan, to expand its co-working business, the company said in a statement.
Innov8 has successfully concluded a ₹110 crore primary funding round. The company said it diluted 10 per cent to raise this fund. It said the issue was oversubscribed 2.7 times.
The round was 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 said.
Innov8 has recently announced its plans to double its co-working centres in India to 100 in 2025. The capital raised will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments, it said in a statement.
Innov8 recently launched two state-of-the-art centres in Mumbai, Navi Mumbai and Andheri. Each center, spanning over 1 lakh square feet and with a total seating capacity of 3000, marks Innov8’s largest facilities to date.
The initiative is part of its ongoing program to expand its presence in existing Tier 1 cities, including Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad, optimising operations in these locations rather than expanding into new regions.
The company said Innov8 also plans to add 4 million square feet of managed office space in India in the coming three years.
Commenting on the development, Rakesh Kumar, Group Chief Financial Officer, OYO, said, “The funds raised will empower Innov8 to accelerate our expansion plans, building on the strong growth and operating leverage we are already achieving.”
Pankhuri Sakhuja, Business Headat Innov8, added, “Over the past few years, we have prioritized long-term, sustainable growth. This capital infusion will strengthen our financial stability and lay a robust foundation for future expansion.”
Founded in 2015 by Ritesh Malik, Innov8 is currently spread across 10 cities—Delhi, Gurgaon, Noida, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore—with over 30 centres hosting over 8,000 employees of brands like Swiggy, IndusInd Bank, Jio Saavn, PhonePe, and Tata Digital.