The demand for co-working space or shared space is rising in India, thanks to the startup boom. Aiming to cash-in on this demand with expansion of its operations, Innov8 has raised $4 million in its pre-Series A funding round, led by Credence Family Office.
Along with that, the new funding round also witnessed participation from the firm’s existing investors, which remains undisclosed. The company is planning use the newly raised capital to expand its footprints across the country.
With the newly infused capital, Innov8 is also aiming to increase its seat count to about 8,000 by the next six months. It’ll also spend money to ramp up its technology, enhance community experience and improve net promoter score (NPS).
Commenting on this new funding round, Mitesh Shah, co-founder and managing partner, Credence Family Office, said:
Co-working space is an exciting segment to be present in. Innov8’s unique business model has demonstrated promising growth trajectory along with some of the leading names in the industry as its clientele.
Currently, the company is operating around 4,000 seats in 13 cities, including Delhi/NCR, Mumbai, Bengaluru and Chandigarh. It’s list of clientele includes big companies like RBL and emerging startups like Swiggy and Vice Media.
Founded in 2015, Innov8 operates on an asset-light model by leasing working spaces for up to 10 years. Its co-working centres are typically spread over 22,000-27,000 sq. ft and going forward, the startup will be targeting campuses of 50,000 sq. ft.
The company competes with the likes of Awfis, 91springboard, and WeWork’s Indian arm, among others. According to a report from Confederation of Indian Industries, India’s co-working industry is expected to attract $400 million in investments this year.