Innov8
Overview
Innov8 is a leading coworking space provider in India that was founded in 2015 by Dr. Ritesh Malik. It is headquartered in Gurugram, India, and was acquired by hospitality chain OYO in 2019. Over the years, Innov8 has made significant strides in expanding its network to include over 45 centers across major cities in India, including Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore. The company is known for its premium tech-enabled coworking spaces aimed at modern professionals.
Recent Developments
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November 20, 2024: Innov8 announced plans to raise Rs 100 crore in a primary funding round to support its expansion, particularly focusing on inorganic growth opportunities like acquisitions and technology upgrades. The company aims to increase its valuation to Rs 1,200 crore and double its coworking centers in India to 100 by 2025.
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November 4, 2024: Innov8 revealed intentions to double its capacity, expanding from 17,000 seats in over 45 centers to more than 50,000 seats across India by 2025. This expansion aligns with increasing inquiries, higher occupancy rates, and the needs of modern professionals.
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October 9, 2024: Innov8 launched a managed office space vertical with a target to develop 4 million sq ft by 2027. This initiative involves an investment of ₹50 crore and marks the company’s most ambitious growth effort to date, with a significant project underway in Mumbai.
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July 12, 2024: The company expanded its presence in Delhi-NCR by launching three new centers across Unitech Cyber Park, DLF Cyber City, and Okhla, covering a total of 60,000 sq ft.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2015 |
| Headquarters | Gurugram, India |
| Founders | Dr. Ritesh Malik |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | OYO |
| Industry | Coworking Spaces and Managed Office Solutions |
| Number of Employees | Approx. 10,000 |
Early History
Innov8 was founded in 2015 by Dr. Ritesh Malik, a medical professional turned entrepreneur. Recognizing the potential of flexible workspaces, he embarked on establishing premium coworking centers that cater to the evolving work environment. Initially, Innov8 started with a few centers, focusing on innovative space design and robust technology integration. The company quickly grew in popularity, attracting a diverse clientele ranging from startups and freelancers to large corporations. Its acquisition by OYO in 2019 marked a major milestone, providing Innov8 with the resources and network to expand its footprint further across India.
Company Profile and Achievements
Innov8 operates a chain of coworking spaces designed with both functionality and aesthetics in mind. The company's coworking model blends modern amenities with strategic locations, ensuring connectivity and convenience for its members.
- Major Achievements:
- Rapid Expansion: By 2024, Innov8 had established more than 45 centers across India with plans to expand to 100 centers by 2025.
- Acquisition by OYO: In 2019, the acquisition allowed access to OYO’s expansive business network, enabling faster growth.
- Managed Office Space Initiative: Launch in 2024 to cater to a growing demand for bespoke office solutions.
- Recognition: Innov8 became recognized as one of the leading coworking brands in India, known for its premium services and flexible working conditions.
Current Operations and Market Position
Currently, Innov8 is a prominent player in India’s rapidly expanding coworking space market. It serves a diverse portfolio of clients that includes notable companies such as Swiggy, Tata Digital, and JioSaavn. Innov8’s spaces are strategically located in prime areas, ensuring accessibility and connectivity. The company has prioritized developing technology-enabled environments that cater to the needs of different business segments, from startups to large enterprises. Innov8's strategic initiatives to expand its managed office space sector align with changing market dynamics as businesses increasingly look for flexible workspace solutions.
Conclusion
Innov8 stands out as a leading coworking space provider in India, with a robust and expanding presence in major cities across the country. Its acquisition by OYO has further cemented its capabilities in scaling operations. With ambitious growth plans, including significant expansion into managed office spaces, Innov8 is poised to continue reshaping the workspace landscape in India. The company's focus on technology integration, strategic location selection, and client-centric services position it well to adapt to the shifts in work culture, making it a key player in the future of workplace solutions.