Innov8 Co-working Raises $4M in a Pre-Series A Funding Round
The round was led by Credence Family Office, a leading multifamily office platform
Innov8 Co-working, India's leading collaborative workspace start-up, has raised $4 million in a pre-series A financing round, led by Credence Family Office. The investment will help Innov8 consolidate its leadership position and bolster its geographical reach by opening up more centers and double up its seat count to 8,000 in next the six months.
Started in the year 2015, Innov8, which was also part of Silicon Valley incubator Y Combinator, in a short span of 3 years, has arguably become one of the preferred workplace start-ups with around 4000 seats across 13 centers across India. With razor-sharp focus on the team and strong fundamentals, Innov8 has been able to add 7 centres over the last financial year and has on boarded more than 190 companies as its members, which includes large corporates such as RBL, and emerging enterprises such as Swiggy, Vice Media as its clients.
The start-up will be further utilizing the funds to make additional investments in building technology platforms for business, enabling solutions and customer facing apps, investing on community experience and increasing the company's NPS.
Speaking on the announcement Dr. Ritesh Malik, Founder and CEO Innov8 said “The success of the latest funding round is a strong indication of the trust our investors have in our vision. Innov8 has established a firm foothold in the vast pool of co-working spaces in India with its premium real estate and commitment towards delivering excellence through design and experience. We have almost 95% occupancy across all our centers, which is one of the foremost markers of our success. With the domain expertise our investors bring on-board, we look forward to leveraging their support, as we build a leading platform offering collaborative space for growth and innovation in India.”
Mitesh Shah, Co-founder & Managing Partner of Credence Family Office, added “Co-working space is an exciting segment to be present in. Innov8 has been able to clearly establish its unique proposition with its best in class design and community culture at value conscious price to its consumers. Innov8’s unique business model, that has demonstrated promising growth trajectory along with some of the leading names in the industry as its clientele, has set an example of a financially robust, collaborative co-working start-up in the country. We are very pleased to partner with Innov8 and support them in their journey of creating a category of vibrant co-working spaces that exude design excellence and offer impeccable value”
Gaurav Gulati, COO of Innov8 said, “Today, collaborative workspaces, have shifted the focus to saving time and money, along with creating a community and a culture of working better together. Innov8 is widely recognized in the industry to offer ergonomically designed workspace at premium locations at a great price. In a capital-intensive business such as ours, we have been able to clock promising growth while maintaining financial prudence. Our expertise lies in developing a compelling value proposition that has helped us exceed our targets.”
Today India has emerged as one of the world’s most preferred markets to invest in, buoyed by its thriving economy, growing startup ecosystem, and ever-widening talent pool.
As businesses, both big and small, continue to mushroom and spread their wings, ballooning real estate costs coupled with increasing acceptance of usership as opposed to ownership of office spaces has only spurred the demand for a coworking or a collaborative workspace in India. A recent report by the Confederation of Indian Industries, predicts fast growth for India’s co-working industry, attracting about $400 million in investments this year. Offering beyond just a space to work, over the years Innov8 has stayed focussed on nurturing a culture of promoting shared spaces and encouraging innovation among emerging enterprises and businesses in the country, thereby building a strong community of entrepreneurs and thought leaders who channel their ventures through Innov8's co-working experience.
Innov8, which currently operates in 13 centres across Mumbai, Bengaluru, Delhi/NCR and Chandigarh, is backed by some of India's top angel investors including Paytm founder Vijay Shekhar Sharma, Google India head Rajan Anandan, Anand Chandrasekaran, global director of platform and product partnerships for Facebook, and Girish Mathrubootham, chief executive of Freshworks, among others. Eying the future growth of the company, Innov8 envisions becoming a brand with a national presence having additional focus on health and recreational facilities within their venture.
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