Coworking company Innov8 has raised 110 crore which comes to USD 13 million in a primary funding round led by prominent family offices such as Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia.
Together, these investors contributed 55% of the total funds raised. For this capital infusion, the company diluted its stake by 10%. According to the company, the issue was 2.7 times oversubscribed, and InCred facilitated the fund raise, which was priced at Rs 1,000 crore (nearly $120 million).
Innov8 recently announced plans to double its coworking centers in India to 100 by 2025. The new capital will be used to fund strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche markets.
Founded in 2015 by Ritesh Malik, Innov8 now operates in ten cities - Delhi, Gurgaon, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore - with over 45 centers housing over 17,000 employees from brands such as Swiggy, IndusInd Bank, Jio Saavn, PhonePe, and Tata Digital.
The company recently opened two centers in Mumbai: Navi Mumbai and Andheri. Each center, which spans over 1 lakh square feet and has a seating capacity of 3,000, is Innov8's largest facility to date.
Innov8 reported a net profit of Rs 62 crore for FY2024, up from Rs 2.5 crore in FY23. fi acquired Innov8 in March 2019, and it has since operated as a separate entity. The latest funding is also the first instance of external funding under the OYO umbrella.
