Innov8, a Gurgaon-based startup has now been obtained by hospitality chain OYO. Innov8 was purchased by OYO for around INR 220 Cr ($31.84 Mn). The founders and investors of Innov8 have taken an exit after the deal. Post-purchase, the founder of Innov8 Ritesh Malik will expand its firm under the leadership of OYO. The Innov8 team will proceed to remain intact post-acquisition.
At the global level, OYO is present in 10 countries i.e. in more than 500 cities This way the company hosts more than 18,000 hotels and more than 5.15 lakh rooms in the world. The company’s sales growth in December 2018 was $ 1.8 billion, which is growing at roughly 4.3 times the year-on-year basis.
Innov8 was founded in the year 2015 and currently claims of hosting 350 firms as segments and calls to have a 95% ownership over all its 15 coworking locations with merged accommodation of approximately 5,500. Innov8 has placed in cities like Delhi (NCR), Mumbai, Bengaluru, and Chandigarh. Its customers include well-known startups and firms like Vice Media, Ratnakar Bank Limited (RBL Bank), and Swiggy.
Innov8 has raised over a sum of $4 Mn by getting funds from top investors such as LetsVenture, Venture Catalysts, Credence Family Office, Rajan Anandan (VP India and Southeast Asia, Google), Vijay Shekhar Sharma (founder and CEO, Paytm), Girish Mathrubootham (founder and CEO, Freshdesk) among others. Under the leadership of OYO, the coworking space provider innov8 will be operating towards producing a capability of 10,000 seats all over India.
Oyo founder and group CEO Ritesh Agarwal said, with strong balance sheets we can reach more places, get into the new category, invest in their assets, and maintain their high-quality standards that too without raising capital.
Agarwal said, “We are committed to investing more than Rs. 1,400 crores on the management of technology, innovation, and calendar year investment management. Also, if necessary, more money will be given so that the team can help in getting ahead. Apart from India and China, the company’s focus is on Southeast Asia and West Asia, which will be an important market for the company.