Innov8 in Talks to Raise Rs.100 Cr in Series-A Funds from New Investors
Innov8 has mandated boutique investment bank Wodehouse Capital to scout for new investors for its latest round, they said, adding that if successful, it is expected to be entirely led by new investors.
Guerrilla Infra Solutions, which owns and operates Delhi's most central and premium co-working space and innovation centre, Innov8 brand of co-working spaces, has hit the market to raise about Rs 100 crore ($15 million) in series-A funds.
At Innov8, the co-working spaces have built a network of entrepreneurs, startup enthusiast, thinkers, do-ers and facilities that can take the flight forward. The brand has been ambitious since its inception and have been able to project their thought leadership, vision by hosting impactful startups from the Indian soil.
Innov8, currently operates in Bengaluru, Delhi and Chandigarh, is backed by some of India's top angel investors (13 in number) 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 many others.
The New Delhi-based company has not disclosed how much seed funding it has received till date, the people cited earlier said it has raised about $1.5 million. Founders of the India brand are Ritesh Malik, Shailesh Gupta and Sumit Ranka. They have raised funding previously in February 2017 and August 2016.
Innov8 has mandated boutique investment bank Wodehouse Capital to scout for new investors for its latest round, they said, adding that if successful, it is expected to be entirely led by new investors. Earlier the investor board consisted of Kunal Shah, Punit Soni, Rajan Anandan, Utsav Somani, Venture Catalysts, Edward Lando, Y Combinator and Vijay Shekhar Sharma among others.
The development comes a little less than two months after rival co-working startup Delhi-based Awfis Space Solutions announced it had raised $20 million in a series-B round of equity financing, which was led by marquee venture capital firm Sequoia Capital.
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