OYO acquires Innov8 for $30 million to enter into co-working business
Hospitality firm OYO announced entry into a new vertical, OYO Workspaces, targeting the co-working opportunity in India with an aim to have 50 centres across the country having a total seat count of around 35,000 by the end of 2019.
It also formally announced the acquisition of co-working firm Innov8 during the year. Currently, Innov8 has 16 centres across the country with over 6,000 seats.
According to the deal, Innov8 was acquired for around USD 30 million (about Rs 205 crore). The entire team of Innov8 joined OYO as part of the deal.
"This alliance will work towards simplifying and strengthening the co-working experience for Indians while tapping the enormous opportunities this space offers," Innov8 founder Ritesh Malik said.
The debut of OYO Workspaces follows a multi-bran...