NEW DELHI: Innov8, a flexible space provider owned by Oyo, has raised Rs 110 crore in the primary funding round. The company diluted 10% of its stake for this capital infusion.
The issue was finally oversubscribed by 2.7 times. The fund raise was facilitated by InCred and was priced at a valuation of Rs 1,000 crore.
The round was led by prominent family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group and Jagruti Dalmia. Together, these investors accounted for 55% of the total funds raised.
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.”
The company had recently announced that it plans to double its co-working centers in India to 100 in 2025.
The capital raised will support acquisitions, technology upgrades, partnerships, and expansion into niche segments.
It recently launched two centers in Navi Mumbai and Andheri, Mumbai. Each center spans over one lakh sq ft with a total seating capacity of 3,000.
The company plans to expand into tier-I cities and add four million sq ft of managed office space in India in the next three years.
Innov8 has reported a profit after tax of Rs 62 crore in FY24 (including one-time exceptional items) compared to Rs 2.5 crore in FY23.
