Innov8, a collaborative work-space provider has recently raised an undisclosed amount of funding from a cluster of investors which includes Dheeraj Jain of Redcliffe Capital, Punit Soni, ex-CPO Flipkart cum ex-Googler and Y Combinator. The said startup was one of the first three startups which made it to Y Combinator, an ultimate boot-camp for startups. Further, the organization is counted as India’s one of the most innovative co-working space providers alongside being known for delivering a luxury office environment.
The fund raise would be channelized towards a two-fold proposal. While one of the primary purposes would be team expansion for encouraging community engagement of like-minded individuals. The other one would focus on scaling their operations in existing places and other metro cities.
Among the preferred regions for expansion, the start-up will be focusing on Bangalore and Mumbai for now, though it already owns an office at Koramangala, Bangalore. This space is being opened for startups on January 20. Innov8 is already well-established in Delhi & Chandigarh and have gained much knowledge relative to the needs and requirements of Indian Co-workers. Taking the learnt tactics and techniques ahead, the same will be deployed in the new campuses.
Speaking upon the fund raise, Ritesh Malik, Cofounder for Innov8, said,
Y Combinator has helped us insanely on scaling of the size & communities leveraging technology. Having people like Punit & Dheeraj help us build the right kind of strategy for growth. These are the most hands on investors we’ve met.
Innov8 is currently under the hands of Guerrilla Infra Solutions Private Limited and has been in the working space industry for only a few years. But the organizations holds a respectable position and has also been a part of first ever Coworking India Conference held back in September. The co-working center which works on a membership fee business model was founded by a trio including doctor-turned-investor Ritesh Malik, IIT alumnus Shailesh Gupta and Harvard University alumnus Sumit Ranka.
Shailesh Gupta, Co-founder spoke about Innov8 and said,
We at Innov8, have this intense focus on building world class designed offices & tech led communities for helping SMEs, freelancers & entrepreneurs achieve their zenith potential.
The co-working space provider is yet to achieve a lot while competitive rivals such as InstaOffice which announced about their capital raise just yesterday.
Also, American collaborative working space provider WeWorks has officially step foot in India with its first leased space in Mumbai. Innov8 isn’t dettered from their ambitions and see this as a validation of their company. They now believe that the collaborative culture in India is maturing and the company will expedite on the same, using its capital investment.