OYO-owned workspace provider Innov8 sold 3% stake in the company at a valuation of Rs 1,000, the issue tells NDTV’s profits.
The funding round was led by the Raymond Family Office and acquired a 1.9% stake in the coworking space operator, he said anonymously.
The Raymond Family Office is supported by the Raymond Group promoters. We have diversified our portfolios through investments in startups across sectors, including technology, consumer goods, health and the recent flexible workspace.
Innov8 is currently planning to double India’s coworking centres to 100 this year, sources say.
In January this year, Innov8 raised 110 Rs from investors by diluting 10% capital through sales to investors such as Gauri Khan, Mankind Pharma, Rupa Group and Jagruti Dalmia’s family offices.
Founded in 2015, Innov8 currently exists in Delhi, Gurgaon, Noida, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad and Indore. The centre hosts over 8,000 employees from brands such as Swiggy, Indusind Bank, Jio Saavn, PhonePe and Tata Digital.
Bound by an IPO, OYO acquired Innov8 in 2019 with an all-cash transaction worth $30 million.
