New Delhi-based co-working startup Innov8 has raised around ₹30 crores ($4 million) in pre-series A funding round led by Credence Family Office. Other existing investors also participated in the round.
The freshly infused funds will be used to expand its geographical footprint beyond Delhi NCR, Mumbai, Bengaluru, and Chandigarh.
Y Combinator-backed Innov8 was founded by Ritesh Mallik in 2015. The startup provides premier co-working spaces for entrepreneurs, freelancers, and startup enthusiasts, to create, connect, and grow their business.
Innov8 operates 13 workspaces across New Delhi NCR, Mumbai, Bengaluru, and Chandigarh. It further plans to expand to four centres and double its seat count to 8,000 in the next six months, using the fresh capital.
The co-working startup is further looking to invest in strengthening technology platforms for its business solutions like consumer-facing applications and building community experiences.
Operating on an asset-light model, its co-working spaces are spread over 22,000-27,000 sq. ft, and is looking to target campuses of 50,000 sq. ft. Some of its prominent clients include RBL Bank, food delivery major Swiggy and Vice Media, among others.
“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,” said Mitesh Shah, co-founder and managing partner, Credence Family Office.
Innov8 is backed by LetsVenture, Venture Catalysts, Google India Head Rajan Anandan, Paytm Founder & CEO Vijay Shekhar Sharma, FreeCharge Founder & CEO Kunal Shah, Utsav Somani, and Girish Mathrubootham, chief executive of Freshworks.
Other players competing with Innov8 in the co-working domain include Awfis, 91Springboard, BHIVE Workspace, WeWork, and Cowrks, among others.
India’s coworking market has grown by over 50% in 2017. According to JLL, India’s coworking market is anticipated to grow by 40-50% to reach 10 lakh square feet of leased area with a total investment of ₹2,749 crores ($400) million by the end of 2018.