Innov8, a New Delhi-based coworking space has raised INR 30 crores i.e $4 million in pre-series A round of funding from Credence Family Office. Several other investors participated in the round. This Y Combinator-backed coworking space startup will use the fresh capital to expand its branches across India.
Founded by Ritesh Mallik in 2015, the coworking startup has geographical footprints in Delhi NCR, Mumbai, Bengaluru, and Chandigarh. It provides co-working spaces for startups founders, freelancers as well as working professionals and help them network with each other.
Innov8 currently has 13 coworking spaces in New Delhi, Mumbai, Bengaluru and Chandigarh. With a current seat count of 4,000, the coworking startup plans to increase its seat count to 8,000 in the next six months by expanding to four more centres. The startup will enhance its technology for business solutions to improve consumer-facing apps and build better community experiences.
Innov8 works on an asset-light model and has billion-dollar clients like RBL Bank and Swiggy on its portfolio. The coworking spaces spread over 27,000 square feet. However, the startup is aiming 50,000 square feet campuses with the recent development of funds. Innov8 is backed by LetsVenture, Rajan Anandan, Venture Catalysts, Vijay Shekhar Sharma, Kunal Shah and Girish Matrubootham.
“Co-working space is an exciting segment to be present in. Innov8’s unique business model has demonstrated promising growth trajectory along with some of the leading names in the industry as its clientele,” said Mitesh Shah, co-founder and managing partner, Credence Family Office.
Major competitors of coworking space Innov8 includes Awfis, 91springboard, BHIVE, WeWork, and Cowrks in New Delhi. India has seen a recent spike in coworking market with a growth of 50 per cent compared to the previous year. By the end of 2018, coworking spaces in India including major cities like Delhi, Mumbai, Bengaluru, Pune, Kolkata, Chennai, Chandigarh and Hyderabad are expected to receive more than $400 million in investments.
