OYO's Innov8 raises Rs 110 Cr at Rs 1,000 Cr valuation

Innov8, a provider of flex spaces owned by OYO, has raised Rs 110 crore in a primary funding round, at a valuation of Rs 1,000 crore. The capital raise, which saw the company dilute 10% of its equity, was oversubscribed 2.7 times, signalling strong investor interest, the company said. Family offices, including those of Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia, led the round, contributing 55% of the total funding. The funding process was facilitated by InCred. The New Delhi-based company plans to use the funds to double its co-working centres in India to 100 this year. The funds will also aid acquisitions, technology upgrades, and partnerships. Innov8 recently launched two centres in Mumbai, located at Navi Mumbai and Andheri, each spanning 1 lakh square feet, with a capacity of 3,000 seats—making them the company’s largest facilities till date.

Rakesh Kumar, Group CFO at OYO, stated, “The funds raised will empower Innov8 to accelerate our expansion plans, building on the strong growth and operating leverage we are already achieving. It also underscores the trust and confidence our investors have in our vision, business model, and growth trajectory.”