Travel tech major OYO-owned startup Innov8 has forayed into the managed office space with the launch of a new vertical for the segment.
Innov8 plans to add 4 Mn square feet of managed office space in India in the coming three years. The startup has allocated an investment of INR 50 Cr towards the development of the new infrastructure. In a statement, it said that it will focus on building Grade A buildings, with premium quality infrastructure and amenities. Further, Innov8 plans to build its largest managed office space project in Mumbai as part of the project.
Founded in 2015 by Malik, Innov8 offers premium coworking space across nine cities – Delhi NCR, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore. The startup claims to have over 350 brands, like Swiggy, PhonePe, Jio Saavn, working in its office spaces.
Innov8 was acquired by OYO in an all-cash deal worth about INR 220 Cr ($31.84 Mn) in 2019. The development comes at a time when OYO has been on an expansion spree of its own.
