Co-working firm Innov8 has announced its plans for aggressive expansion in the ongoing financial year 2023-2024. The company is set to invest over Rs 100 crore to add 8,000 seats across 300,000 square feet of co-working space in major Indian cities, including Delhi NCR, Mumbai, Pune, Bengaluru, and Chennai. Innov8 has already opened five new centres earlier in the year and plans to inaugurate five more centres in the current quarter. This strategic expansion demonstrates Innov8's commitment to staying at the forefront of the dynamic co-working sector in India. The company's growth is driven by increasing demand for flexible office spaces.
Co-working firm Innov8 has unveiled ambitious expansion plans, announcing its intention to invest over Rs 100 crore in the ongoing financial year 2023-2024. Collaborating with its partners, Innov8 aims to add a substantial 8,000 seats spanning 300,000 square feet of co-working space throughout major Indian cities, including Delhi NCR, Mumbai, Pune, Bengaluru, and Chennai.
The company added 5 new centres in key business cities in India in early 2023 and is all set to inaugurate 5 more centres in the current quarter. Innov8 is set to unveil new centres in key locations, including Innov8 Aerocity and CP in New Delhi, Innov8 Marol in Mumbai, and Innov8 sites in Bellandur and KR Puram in Bangalore, in the current quarter. The company's expansion strategy will culminate in the establishment of 10 additional centres in these cities, bringing the total count of new centres for the year to an impressive 20.
Founded in 2015, Innov8 currently boasts a significant presence in nine major Indian cities, including Delhi, Gurugram, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore, with an extensive network of over 20 centres that cater to the needs of more than 8,000 employees.
In the wake of this strategic expansion, Innov8 is poised to double its capacity, which demonstrates the company's commitment to staying at the forefront of the dynamic co-working sector in India. Innov8's impressive growth is further evidenced by their centres consistently achieving over 90% occupancy rates and experiencing enhanced rental rates. This reflects the increasing demand for flexible office spaces and the growing influence of startups within the country's business ecosystem.
In summary, Innov8's aggressive expansion strategy in the financial year 2023-2024, coupled with significant investments, reinforces its position as a key player in the co-working industry, aiming to provide workspace solutions to an ever-growing demand from businesses and start-ups across India.
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