Innov8 Coworking: Redefining Workspace with Elegance and Innovation
Company Overview
Innov8 Coworking is transforming the coworking space industry with style and sophistication. Founded by Ritesh Malik in 2016, Innov8 aims to elevate the coworking experience in India, a country now recognized as the third-largest startup hub globally.
Company Highlights
- Name: Innov8
- Headquarters: New Delhi, India
- Sector: Real Estate, Coworking
- Founder: Ritesh Malik
- Founded: October 2015
- Parent Organization: Innov8, Inc.
- Website: innov8.work
About Innov8
Innov8 was established to deliver premium, stylish coworking spaces that foster productivity and a balanced work-life environment. The company focuses on creating high-quality office spaces that enable members to work efficiently while enjoying a well-designed workspace.
Innov8 is committed to providing sophisticated coworking environments that cater to startups and freelancers. Its core mission is to deliver top-notch products at value-conscious prices, supported by superior service.
Founder Profile
Ritesh Malik, the visionary behind Innov8, is an accomplished doctor and entrepreneur. He holds an MBBS degree from Dr. MGR Medical University and has also studied at the London School of Economics and Harvard University. Malik’s entrepreneurial journey began with Guerilla Ventures, an angel fund he founded in 2013, which invested in over 45 startups. Inspired by the booming startup culture, Malik founded Innov8 in January 2016.
Innov8’s Growth and Expansion
After launching, Innov8 quickly gained traction, catching the attention of Silicon Valley’s Y Combinator. The company’s first major success was a 500-seater campus in Bengaluru, which sold out within two months. Since then, Innov8 has expanded significantly, now offering spaces up to 50,000 square feet across India. The company recently set up an 80,000 square foot coworking space in Hyderabad, competing with established players like WeWork.
In March 2019, Innov8 was acquired by OYO for $30 million, reflecting its significant impact on the coworking market.
Business Model and Revenue
Innov8 operates on an asset-light model, leasing spaces for up to 10 years. The company’s strategy involves establishing large campuses to leverage economies of scale and foster community building.
Competition
Innov8 faces competition from other coworking giants such as Awfis and 91springboard.
Funding and Investors
Innov8 has raised $4 million in funding, with investors including Vijay Shekhar Sharma (Paytm), Rajan Anandan (Google India), Anand Chandrasekaran (Facebook), and Girish Mathrubootham (Freshworks). The company’s acquisition by OYO further underscores its success.
Growth and Future Plans
- Presence: Over 13 cities in India
- Capacity: 6,000 seats
- Clients: Includes RBL Bank, Swiggy, and Vice Media
- Occupancy: Approximately 95%
Looking ahead, Innov8 plans to expand its reach further, aiming for 24,000 seats and 30-32 centers by the end of the year.
Conclusion
Innov8 continues to set new benchmarks in the coworking industry, offering elegant and innovative workspaces that support growth and productivity in the Indian startup ecosystem.