Coworking company Innov8 has announced a net profit of Rs 62 crore for fiscal year 2024, a significant increase from the Rs 2.5 crore recorded in FY23. With this achievement, Innov8 has reached the ranks of India's most lucrative flex space enterprises.
Founded in 2015 by Ritesh Malik, Innov8 now operates in ten cities - Delhi, Gurgaon, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore—with over 45 locations housing over 17,000 employees from firms such as Swiggy, IndusInd Bank, Jio Saavn, PhonePe, and Tata Digital.
The corporation plans to expand its footprint by 2025, with the goal of increasing seat capacity to more than 50,000 - a threefold increase. To support this ambitious expansion, Innov8 is raising Rs 100 crore. It will also focus on acquisitions, technology upgrades, collaborations, and specialized market areas.
Innov8 also intends to build four million square feet of workplace over the next three years. This expansion will focus on premium Grade A buildings with cutting-edge amenities to meet the changing needs of businesses.
OYO purchased Innov8 in March 2019, and it has since operated as a distinct corporation.
According to Avendus, the coworking market in India is growing at an exponential rate, with a projected 126 million square feet by 2028, up from 61 million square feet in 2023. Global capacity centers, startups, solopreneurs, SMEs, and major companies are driving the sector's growth by seeking flexible, collaborative spaces to increase productivity and reduce operational expenses.
