Oyo acquires co-working space startup Innov8 for INR 200 crores
Category: #business  By Saipriya Iyer  Date: 2019-07-17
  • share
  • Twitter
  • Facebook
  • LinkedIn
Oyo acquires co-working space startup Innov8 for INR 200 crores

The purchase marks Oyo’s first footprint into the commercial real estate segment.

In a bid to expand its business operations to 50 centers by the end of 2019, India’s leading hospitality chain – Oyo Hotels & Homes has reportedly acquired Innov8, a Delhi based co-working venture for approximately INR 200 crores.

As per trusted sources, Oyo will incorporate nearly 150 Innov8 employees on to its rolls and will operate as an independent brand alongside Power Station and Workflow – its other existing co-working operations.

Rohit Kapoor, Chief Executive of real estate operations at Oyo, was reportedly quoted stating that the company aims at enhancing the workspace culture and creating whole suit of products at an efficient cost through the new acquisition. The focus is to create a product profile not only for infrastructure but to keep yield in mind, he further added.

Reportedly, startups, entrepreneurs and corporates have increased the demand for co-working spaces in the country and the industry is currently valued at $30 to $33 billion. Apparently, a report states that in the first quarter of 2019, the share of co-working spaces has risen to 12% as opposed to 8% in the year 2018. Between 2017 and 2019, around 6.9 million square feet of total space has been consumed by the co-working sector.

According to Ritesh Malik, founder of Innov8, the acquisition will provide increased opportunities for the four-year-old company. Apparently, Ritesh Malik will now be responsible for the workspace strategy as well as expansion of Innov8.

For the record, Innov8 was launched in 2015 and operates with co-working spaces and rents private offices in the NCR, Chandigarh, Bengaluru, and Mumbai.

According to trusted sources, Oyo aims at doubling its expansion across various business segments by investing over INR 1400 crores in India and South-East Asia. The company operates with over 18,000 leased and franchised hotels, globally. In India, the company has laid its strong foundation by operating with over 8700 leased and franchised hotels across 259 cities.

Reportedly, terms of the deal have not been disclosed so far.

 

Source Credits : https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-hotels-homes-acquires-co-working-firm-innov8/articleshow/70241481.cms

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Saipriya Iyer

Saipriya Iyer    

Saipriya Iyer currently works as a content developer for GroundAlerts. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had previous experience of 3 years under her belt, she has dabbled with website ...

Read More >>

More News By Saipriya Iyer

iKure Techsoft looking to raise USD 5 million in Series A funding round
iKure Techsoft looking to raise USD 5 million in Series A funding round
By Saipriya Iyer

Ratan Tata funded iKure Techsoft, a technology-driven healthcare services startup, is reportedly planning to raise capital for expanding its presence in home grounds and beyond borders while strengthening its technology solutions. Sources with knowl...

Apple to launch self-driving cars with new battery technology in 2024
Apple to launch self-driving cars with new battery technology in 2024
By Saipriya Iyer

American multinational technology company, Apple Inc., has reportedly made advances in its self-driving car technology project and is planning on initiating the production by the year 2024. Although the tech giant has never publicly acknowledged thi...

Eurofins Technologies launches new product line for allergen detection
Eurofins Technologies launches new product line for allergen detection
By Saipriya Iyer

Leading distributor of test kits and systems for laboratory research, Eurofins Technologies, has reportedly introduced SENSIStrip Allergen, a new lateral flow device product line for detecting allergen in packaged food products. For those uninitiate...