OYO-owned Innov8 has launched a new vertical in the managed office space sector, signaling its expansion into this growing market. With plans to add 4 million square feet of managed office space in India over the next three years, the startup is investing INR 50 crore to develop high-quality infrastructure. Innov8 aims to construct Grade A buildings featuring premium amenities, including a significant project in Mumbai. Established in 2015 by Malik, Innov8 currently operates in nine cities, serving over 350 brands, including notable names like Swiggy and PhonePe. OYO acquired the company in 2019 for approximately INR 220 crore (USD 31.84 million).
OYO-owned startup Innov8, a leader in travel technology, has ventured into the managed office space sector by launching a new vertical focused on this market. The company plans to add 4 million square feet of managed office space in India over the next three years, backed by an investment of INR 50 crore for developing this new infrastructure. In a statement, Innov8 highlighted its commitment to constructing Grade A buildings that feature premium infrastructure and amenities. Moreover, the startup intends to develop its largest managed office project in Mumbai as part of this initiative.
Established in 2015 by Malik, Innov8 provides premium coworking spaces in nine cities, including Delhi NCR, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore. The startup claims to host over 350 brands, including Swiggy, PhonePe, and Jio Saavn, within its office environments. In 2019, Innov8 was acquired by OYO in an all-cash deal worth around INR 220 crore (USD 31.84 million). This initiative comes at a time when OYO is actively pursuing its own expansion plans.
Innov8's expansion into the managed office space sector marks a significant step in its growth strategy, showcasing its adaptability in a competitive market. By focusing on Grade A office spaces, Innov8 aims to attract businesses seeking high-quality environments that promote productivity and innovation. The planned addition of 4 million square feet highlights the company's ambitious vision for the future and its commitment to enhancing workspace options across India. As OYO continues its expansion efforts, Innov8's development initiative positions it well to capitalize on the evolving needs of businesses in an increasingly dynamic work environment, ultimately contributing to the growth of India's coworking landscape.
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