Innov8 Co-working Thursday said it has raised USD 4 million fund (around Rs 30 crore) to expand its business and double its seating capacity to 8,000 by March next year. Started in 2015, Innov8, which was also part of Silicon Valley incubator Y Combinator, has around 4,000 seats across 13 centres in Mumbai, Bengaluru, Delhi/NCR and Chandigarh. It is backed by many big investors including Paytm founder Vijay Shekhar Sharma and Google India’s Rajan Anandan, among others.
Gurugram-based Innov8 said in a statement that it “has raised USD 4 million in a pre-series A financing round, led by Credence Family Office.” The investment would help the company bolster its geographical reach by opening up more centres and double up its seat count to 8,000 in the next six months, the statement added.
When contacted, company’s founder and CEO Ritesh Malik said it has raised USD 6.5 million including this round of funding. Innov8 has more than 190 companies as its members, which include large corporates such as RBL, and emerging enterprises such as Swiggy and Vice Media. The startup would utilise the funds to make additional investments in building technology platforms for business, enabling solutions and customer facing apps, investing on community experience and increasing the company’s NPS.
“The success of the latest funding round is a strong indication of the trust our investors have in our vision. Innov8 has established a firm foothold in the vast pool of co-working spaces in India with its premium real estate and commitment towards delivering excellence through design and experience,” Malik said. He said the company has achieved almost 95 per cent occupancy across all centres. It offers seats in a price range of Rs 10,000-20,000 per month.
Mitesh Shah, Co-founder & Managing Partner of Credence Family Office, said: “Co-working space is an exciting segment to be present in. Innov8 has been able to clearly establish its unique proposition with its best in class design and community culture at value conscious price to its consumers.”
Bengaluru-based Credence Family Office is a leading multi-family office platform providing a wide range of advisory services including wealth management, domestic and offshore tax advisory, estate and succession planning, real estate & legal advisory, full service mentorship academy, among others. Innov8 competes with Regus, WeWork, CoWrks, Awfis, Smartworks, GoWork and Skootr in the co-working and share office space market that has gained momentum in the last few years.
In June, Knight Frank India came out with a report that about 200 co-working players exist in the market running an estimated 400 shared workspaces across the country.