Co-working startup Innov8 reported a net profit of Rs 62 crore in FY24, a significant jump from Rs 2.5 crore in FY23.
The Delhi-NCR-based startup attributed the growth to its asset-light operating model, low capex investment, and a strategic presence in key clusters in metros, which ensures a strong revenue-to-rent ratio and proximity to talent, clients, and partners.
Founded by Ritesh Malik in 2015, Innov8 currently operates in 10 cities, including Delhi, Gurugram, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore, with over 45 centers spanning 17,000 seats. The centers host employees from brands like Swiggy, IndusInd Bank, Jio Saavn, PhonePe, and Tata Digital.
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The startup was acquired by OYO Hotels and Homes in 2019 for Rs 220 crore and has been operating as a separate entity since then.
Innov8 plans to double its centers in 2025 while also transitioning towards larger facilities, with an anticipated increase in seating capacity to over 50,000, representing a three-fold growth. It is also in talks with potential investors to raise Rs 100 crore to accelerate its operations. The capital raised will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships, and expansion into niche segments.
The company forayed into the managed office space segment in October this year and aims to add 4 million square feet (msf) to its footprint across India over the next three years. This growth will concentrate on Grade A buildings that offer premium quality amenities.
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The co-working market in India is experiencing huge growth. According to a report by private equity firm Avendus, India’s workspace market is projected to reach 126 msf by 2028, up from 61 msf in 2023.
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