Innov8 Raises ₹110 Crore to Expand Co-Working Business, Backed by Gauri Khan's Family Office, Mankind Pharma & Other Leading Investors

Innov8, a leading provider of flexible office spaces, has successfully raised ₹110 crore in a primary funding round aimed at expanding its co-working business across India. The round saw participation from several high-profile investors, including the family office of Gauri Khan, Mankind Pharma, Rupa Group, and Jagruti Dalmia. These investors together accounted for 55% of the funds raised, showcasing their strong belief in Innov8's growth potential.

The funding round, which was oversubscribed 2.7 times, saw Innov8 dilute 10% of its equity to raise the capital. The company plans to use these funds to support its expansion strategy, focusing on inorganic growth opportunities such as acquisitions, partnerships, and technology upgrades. The goal is to double its co-working centre footprint in India to 100 by the end of 2025.

Innov8 has made significant strides in the co-working space sector since its inception in 2015. It currently operates in 10 cities across India, including Delhi, Gurgaon, Noida, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore. With over 30 centres, Innov8 serves more than 8,000 employees from leading brands such as Swiggy, IndusInd Bank, Jio Saavn, PhonePe, and Tata Digital.

As part of its recent expansion efforts, Innov8 has launched two state-of-the-art co-working centres in Mumbai—one in Navi Mumbai and another in Andheri. Each of these new centres spans over 1 lakh square feet, marking the largest facilities in Innov8’s portfolio. The centres collectively have a seating capacity of 3,000, reflecting the company’s commitment to meeting the growing demand for flexible office spaces.

The company’s ongoing expansion efforts are focused on existing Tier 1 cities, where Innov8 aims to optimise operations rather than expanding into new regions. This strategic approach is in line with Innov8’s broader goal of maintaining sustainable growth while solidifying its presence in key urban markets.

The capital raised will be directed towards enhancing Innov8’s technological capabilities, expanding its footprint, and driving growth in niche segments of the co-working space market. Innov8 plans to add 4 million square feet of managed office space over the next three years, strengthening its position as a leader in the flexible office space sector.

Rakesh Kumar, the Group CFO of OYO, which owns Innov8, expressed that the funds raised will enable Innov8 to fast-track its expansion plans. The capital infusion will help the company leverage its existing growth momentum and strengthen its operating capabilities.

Pankhuri Sakhuja, the Business Head at Innov8, emphasized the company’s commitment to long-term, sustainable growth. She stated that this new capital will enhance Innov8's financial stability and provide a strong foundation for its future expansion initiatives.

Innov8's business model focuses on providing flexible, scalable office solutions that cater to the needs of businesses across various industries. The company has capitalized on the growing trend of co-working spaces in India, where businesses are increasingly seeking flexible office solutions that offer cost savings, community-building opportunities, and customizable workspaces.

The success of this funding round shows the growing interest in the Indian co-working space market, which has been expanding rapidly. The rise of start-ups, small businesses, and large companies looking for flexible office solutions has created strong demand for co-working spaces. With its focus on quality service and user experience, Innov8 is well-placed to benefit from this trend.

Image source- innov8