New Delhi, June 20 — Innov8, the co-working space company owned by OYO, has sold a 3 percent stake to investors at a valuation of Rs 1,000 crore to support its business expansion plans, according to sources familiar with the development.
Among the key investors in the latest deal, the Raymond Family Office has emerged as a prominent participant, acquiring nearly 2 percent stake in the company. The remaining 1 percent was picked up by other undisclosed investors. The OYO Group, which operates as a global travel technology platform, declined to comment on the transaction.
Earlier this year in January, Innov8 raised Rs 110 crore from a consortium of prominent investors, selling 10 percent of its equity to names including Gauri Khan, Mankind Pharma, Rupa Group, and the family office of Jagriti Dalmia.
Founded in 2015 by Ritesh Malik, Innov8 currently operates over 30 co-working centers across 10 cities including Delhi, Gurugram, Noida, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore. The fresh capital is expected to aid the company in scaling its operations further in India's growing flexible workspace market.
