Innov8's Valuation Surges Amid Co-Working Boom

OYO-owned Innov8 has sold a 3% stake, valued at Rs 1,000 crore, amid the growing demand for flexible workspaces. The Raymond Family Office is the lead investor. Innov8 plans to expand to 100 centers by year-end, while reporting Rs 62 crore profit for 2023-24, showcasing a booming co-working sector.

In a significant financial move, OYO's co-working brand Innov8 has successfully sold a 3% stake at a valuation pegged at Rs 1,000 crore. This sale aligns with the firm's strategy to capitalize on the escalating demand for flexible workspaces, according to insider sources.

The Raymond Family Office has taken on a prominent role by acquiring nearly 2% of Innov8's shares, demonstrating a robust interest in the growing co-working industry. Despite inquiries, the global travel tech giant OYO Group refrained from commenting on this development.

Founded by Ritesh Malik in 2015, Innov8 has expanded its reach to over 30 centers across major Indian cities and reports a remarkable occupancy rate of over 90%. The company is set to broaden its presence to 100 centers by the end of the year, buoyed by its impressive Rs 62 crore profit for the fiscal year 2023-24.

(With inputs from agencies.)