SoftBank-backed OYO announces acquisition of co-working startup Innov8

Photo: Mint

India’s largest hospitality chain OYO Hotels & Homes (OYO) has acquired Gurugram-based co-working space provider Innov8, per a company announcement.

“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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.