Gurugram-based coworking startup Innov8 has been acquired by hospitality chain OYO in an all-cash deal worth about ₹220 crore ($31.84 million). According to reports, the founders and investors of Innov8 have taken an exit as part of the buyout.
Post acquisition, Innov8 founder Ritesh Malik will drive the company’s expansion under OYO. The Innov8 team will continue to remain intact post-acquisition.
Innov8, which graduated from Y Combinator in 2016, has raised over $4 million in funding from investors such as LetsVenture, Venture Catalysts, Credence Family Office, Rajan Anandan (VP India and Southeast Asia, Google), Vijay Shekhar Sharma (founder and CEO, Paytm), Girish Mathrubootham (founder and CEO, Freshdesk) among others. Under OYO, the coworking space provider will be working towards creating a capacity of 10,000 seats across India.
Founded in 2015, Innov8 currently boasts of hosting 350 companies as members and claims to have a 95% occupancy across all its 15 coworking spaces with combined seating of approximately 5,500.
It has spaces in the National Capital Region (NCR), Mumbai, Bengaluru, and Chandigarh. Its clients include well-known names such as Vice Media, Ratnakar Bank Limited (RBL Bank), and Swiggy.