Oyo reportedly provided Innovation 88 for close to 200 million, giving its much more predictive push in the co-working segment. Figures have been seen anywhere between 200-220 million (~ 32Mn USD) in many media reports. This deal is a complete cash in which the innovative founding team and investors are coming out.
Started by Ritesh Malik and later supported by the Y-Combinator, Innov8 has raised more than $ 4 million in investor’s money till date. This Vijay Shekhar Sharma counts LetsVenture’s choice as his investors. The company has a global player like Wework and regional player like BHive, 91 springboard etc. The Innov8 15 operates the Coworking Space Pan India, in which over 350 companies use more than 5500 seats in those places.
At the end, Oyo had given several hints to expand into shared office space view. Until now, India had no player near the choice of WeWork to take this place. This will be an interesting fight for a witness in the peer domain, along with Oyo’s backing and the whole team of Innov8.
In the context of future plans, Oyo will continue innovation as a separate identity, while the footprint will be expanded in more places. Oyo is already working on offering a comprehensive office space, with 3 different levels of brands on offer. These include workflow, powerstation and now innovation 8. While the previous two will be in the low budget, the Innov8 will tag the premium category.
The new team ‘PowerStation’ brand is targeted at companies whose teams are increasingly growing and wanting “managed verticals” in emerging business districts. According to Business Standard, the first ‘Power Station’ is coming in the Pioneer Square complex on a premium commercial geography golf course extension road in Gurgaon’s commercial district.
On the other hand, the G workflow is targeted at those companies who want to run back-office tasks more. These include call centers, sales centers and similar businesses. It is also for those enterprises who are demanding multi-city solutions – Budget friendly and functional.
In the past year, Oyo has expanded aggressively outside India. Now it has a global presence in 10 countries, covering more than 500 cities. The hotel has more than 515,000 rooms in the north of 18,000 hotels and homes. Looking at the global ambitions that the company has taken care of, it should not be surprised that its co-workers also go global. Even more, your work offer can also be offered in a mini-work environment.
Tags: Innov8 OYO Shared Offices
