Innov8 Achieves Record Profit Amidst Strategic Expansion

OYO group's Innov8, a co-working firm, reported a net profit of Rs 62 crore for the last fiscal year. The growth is attributed to its asset-light operating model. Innov8, operating 45 centers across major cities in India, plans to double its centers by 2025, expanding seat capacity to 50,000.

OYO group's co-working venture Innov8 has reported significant financial growth, declaring a net profit of Rs 62 crore for the fiscal year 2023-24. This marks a substantial increase from a profit of Rs 2.5 crore the previous year, inclusive of one-time exceptional items.

Innov8 has linked its success to a strategic approach that focuses on asset-light expansion with minimal capital expenditure. However, the firm has not disclosed its revenue figures for the last financial year.

The company currently operates over 45 centers featuring 17,000 seats across 10 major Indian cities. Looking ahead, Innov8 aims to double its number of centers by 2025, shifting towards larger facilities, with a projected seat capacity expansion to over 50,000.

(With inputs from agencies.)