VC Fund Investments
Co-working space provider Innov8 raises Rs.110-Cr from family offices, angels
New Delhi-based OYO-backed coworking space Innov8 has raised INR 110 crore (around USD 12.7 million), led by a clutch of prominent family offices including Mankind Pharma, Gauri Khan, Rupa Group and Jagruti Dalmia at a valuation of INR 1,000 crore. The deal was facilitated by InCred. The fresh capital will be used to fund acquisitions, upgrade technology, create partnerships, and expand into niche segments.Founded in 2015 by Ritesh Malik, Innov8 offers premium coworking space across nine cities including Delhi NCR, Gurgaon, Noida, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, and Hyderabad. The company claims that over 350 brands, including Swiggy, PhonePe, Jio Saavn and PepsiCo, are using its office spaces.The firm's profit after tax (PAT) grew to INR 62 crore over INR 2.5 crore from the previous year.
Between June 2017 and March 2018, Innov8 had raised about USD 5 M from Augment Ventures, Credence Family Office, and Y Combinator Continuity Fund.
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