Innov8 reports net profit of INR 62 crore in FY 2024
Innov8, one of India’s leading flex space startup, has reported a Profit After Tax (PAT) of INR 62 crore in FY 2024 including one-time exceptional items compared to INR 2.5 crore in FY 2023. With this, Innov8 is now one of the only two net profitable companies in the flex space business.
The growth can be attributed to an efficient operating model which focuses on asset light expansion with minimum capex investment, a combination of flexible and managed workspaces catering to evolving client requirement and a strategic presence in key clusters in metros that ensures strong revenue-to-rent ratio and proximity to talent, clients and partners.
Additionally, Innov8’s operational excellence and design efficiency allows it to offer competitive pricing to clients while maintaining quality and higher returns per square foot.
Innov8 currently operates over 45 centres spanning 17,000 seats across 10 major cities including Delhi-NCR, Mumbai, Bengaluru and Hyderabad. It is planning to double its centers in 2025 shifting towards bigger centers with the seat capacity expected to expand to over 50,000, a 3x increase.
The company is raising ₹100 crore to accelerate its operations in 2025. The capital raised will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments.
Innov8 has expanded into the managed office space sector, aiming to add 4 million square feet to its footprint across India over the next three years. This growth will concentrate on Grade A buildings, providing clients with premium quality and state-of-the-art amenities to elevate their workspaces.
The demand for coworking spaces is growing in India. A report by private equity company Avendus says that India’s workspace market is projected to reach 126 million square feet (msf) by 2028, up from 61 msf in 2023. The expansion aligns with changing market dynamics as more global capacity centers (GCC), startups, solopreneurs, food aggregators, SMEs, and large enterprises adopt coworking spaces to enhance employee productivity, foster collaboration, and optimising operational costs by scaling up or down as per business requirements.
Founded in 2015 by Dr Ritesh Malik, Innov8 is currently spread across 10 cities—Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad & Indore. Innov8’s focus on expansion and efficiency aligns with the growing demand for coworking spaces in India, setting the stage for continued growth in the coming years.
