Innov8 leases 90,000 sq ft in Mumbai and Delhi-NCR, plans business expansion
Innov8 Coworking, a name amongst some of India’s leading collaborative workspaces, is expanding to some of the major cities in India. To expand their reach in Delhi and Mumbai, the company has leased 90,000 sq ft of office spaces.
“The new centers will have 1600 seats. While we are strengthening our foothold in the existing cities, we are also looking forward to expanding new geographies in the next few months. We expanded our reach by adding seven new centers in the last one year and aim to add 10 more in the next calendar year,” said Ritesh Malik, founder and CEO of Innov8.
Vistaprint (Cimpress N V), Nokia Corporation and BenQ India are the companies that the firm has signed to set up their operations in the two metro cities. Last month, the collaborative workspace startup announced its pre-series a financial round of $4 million. This will further help the company’s growth momentum, lending a hand in the business expansion.
“We will use the capital to expand our operations and in setting up new properties in the coming months,” added Malik.
With 13 offices across Delhi/NCR, Chandigarh, Bengaluru, and Mumbai, the total office space that Innov8 owns is 8 lakh sq ft. It is the only co-working space in the market that is backed by Y-Combinator and has the who’s who of the entrepreneurial world as investors.
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 chief executive of Freshworks, Girish Mathrubootham, among others are also a part of the organization’s backup and support system.
Collaborative office spaces are a fairly new concept in the Indian market. Slowly gathering pace because of its low operating cost and flexibility, it has turned into a key property arena. Last year alone saw nearly a million sq ft of co-working office spaces in the country.
As per CBRE South Asia data, in the first three-quarters of 2018, flexible office space business operators leased nearly 3.3 million sq ft space, which is almost twice the space rented in the first three quarters of 2017.