India’s budget hotel startup Oyo enters co-working business with $30 million Innov8 acquisition
India’s Oyo has expanded its hotel chain business to over 80 countries and entered co-living spaces segment in recent years. The firm, which has raised about $1 billion in the last two quarters from several big names including Airbnb, has now identified a new business to target: co-working spaces.
The Gurgaon-headquartered firm on Tuesday announced Oyo Workspaces that is already operational across 10 cities in India with over 20 centres. It already has the capacity to serve more than 15,000 people.
At a press conference in New Delhi, Rohit Kapoor, CEO of New Real Estate Businesses, said Oyo plans to have 50 Oyo Workspaces centres by the end of the year and aims to make it the largest co-working business in Asia by the end of next year.
As part of the announcement, Oyo confirmed that it has acquired Innov8, a co-working startup with over 200 employees and 16 operational centres. The four-year-old startup was acquired for about $30 million, two sources familiar with the matter told TechCrunch.
Innov8 is one of the three in-house brands that is part of Oyo Workspaces. The other two brands — Workflo and Powerstation — are aimed at people who are looking for
This post was originally published on this site