“Coworking spaces being a $20 billion business opportunity in India by 2020, presents an incredible avenue for OYO to leverage these capabilities and create a dominant brand in this industry,” OYO said in a statement on Tuesday.
Innov8 has now become a part of OYO Workspaces, which immediately plans to start operating 21 workspaces across 10 cities in India. The centres will have a combined capacity to accommodate more than 15,000 people.
Of these, the six centres operated by Innov8 are spread across Delhi, Noida, Gurgaon Bengaluru, Chandigarh and Mumbai. The team already claims to be serving clients like Swiggy, Paytm, Pepsi, Nykaa, OLX, Lenskart, amongst others.
Innnov8 reportedly continues to operate as a separate brand.
Led by Rohit Kapoor, CEO, New Real Estate Businesses, OYO Workspaces aims to expand its presence to over 50 centres across India by the end of 2019, the statement added.
“The workplace as a service space presents an exciting opportunity for OYO to utilize its existing technology and operational expertise. Through a targeted multi-brand strategy, we aim to provide a differentiated experience for co-workers at different price points and help expand access to coworking spaces to more and more businesses and professionals across the country,” Kapoor said.
The company has also launched two new co-working brands—PowerStation and WorkFlo. Powerstation has one centre in Gurgaon with over a 1000 seats and Workflo has set up 4 centres across NCR, Hyderabad and Bangalore with a hosting capacity of over 1500 seats already.
“Armed with insights and technology, we are bullish on growth in the coworking space. Close on the heels of our Innov8 acquisition, the launch of Powerstation and Workflo as differentiated offerings are both a testament of our industry-first multi-brand approach as well as our commitment to expand access to quality workspaces for everyone, everywhere,” Kapoor added.
Innov8 was founded in 2015 by doctor Ritesh Malik and IIT Kharagpur graduate Shailesh Gupta. The startup raised $4 million in a pre-Series A round led by Credence Family Office in October last year.