OYO is in expansion mode, acquired Innov8 For INR 220 Cr In An All Cash Deal

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Posted On : 15th, March 2019


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OYO is in expansion mode, acquired Innov8 For INR 220 Cr In An All Cash Deal

15th, March 2019    -    News

OYO, budget hotel aggregator today acquired Innov8, coworking space startup for Rs 220 Cr.($31.84). Post-acquisition Ritesh will continue to expand Innov8 brand as a separate brand under OYO.


Innov8, Gurugram based startup co-founded by Dr Ritesh Malik during 2015 provides Co-working space for Startups and freelancer. It is currently accommodated 35o companies as members and claims to have 95% occupancy across all its 15 coworking spaces with combined seating of approximately 5,500.


Innov8 which is one of the Startup graduated from Y-combinator in 2016 has raised over $4 Mn 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


As per the source OYO is working on three coworking brands set to be priced differently. These include Workflo and PowerStation in its mid to budget category, while Innov8 will be placed in the premium category.


In the coworking category, OYO will be competing with New York-based WeWork, 91springboard, Sequoia-backed Awfis among others. The deal also marks first acquisition in the India’s coworking space.


Meanwhile flush with funds from its $1 Bn fund raise, OYO has been busy forging ahead with its international expansion plans. As of March 2019, the company has already expanded to nine other countries beyond India and operates in 500 cities with half a million rooms listed.


It had recently committed $200 Mn (INR 1,400 Cr) towards growing its business in India and South Asia. The company recorded a 3.5x jump in revenue from its India operations and a 4.3x Y-o-Y global sales growth for the year ended March 2018.


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