Co-working space provider Innov8 has raised an undisclosed amount of funding from a clutch of investors, including Paytm founder Vijay Shekhar Sharma, Google’s Rajan Anandan and FreeCharge founder Kunal Shah among others. The angel round also saw participation from LetsVentures, Venture Catalysts, Girish Mathrubhootham (Freshdesk), Punit Soni (ex-Flipkart CPO), Anand Chandrasekeran (Facebook), Sunil Kalra (Via Projects), Utsav Somani (Angel List India), Vishal Gondal (GOQii) and Vikram Limaye (IDFC Bank) as well. Launched about a year and a half ago, the company is backed by Y Combinator. It has three centres in Delhi, Chandigarh and Bengaluru.
“The funds will be used for growing the team and technology platform. We are an asset-light company and we are looking at expanding to major cities like Hyderabad, Chennai and Pune by December-end,” Innov8 co-founder Ritesh Malik told PTI. While he declined to disclose the revenue numbers, Malik said the company is profitable across its centres.
“We had started as an alternative for startups to get office space without investing in huge sums of money. However, now we get not just startups but other companies as well who are looking for space for their remote corporate teams… In fact, our fourth will come up soon in Mumbai,” Innov8 co-founder Shailesh Gupta said.
He added that its members are a mix of entrepreneurs, freelancers, and start-ups, to artists, small businesses and even divisions of large corporations across its three centres that has a capacity of about 700 people. Co-working is a fairly new concept where companies can rent office space and get access to facilities like high-speed internet as well as opportunity to build a community and network with others.