Gurgaon based co-working startup Innov8 has secured $4 Mn in pre-Series A round. The round was led by wealth management firm Credence Family Office while few existing investors also participated in the round.
Innov8 plans to use the latest capital infusion for expanding its footprints across the country. The company aims to take its seat counts to almost 8,000 by the next six months. However, the company did not disclose about the potential markets that it is likely to target in the coming months.
The company will also utilize funds for ramping up its technology, enhancing community experience and improving net promoter score (NPS)
Currently, it operates 4,000 seats spread across 13 seats in cities like Delhi/NCR, Mumbai, Bengaluru and Chandigarh. Its co-working spaces are been used by big companies like RBL and emerging startups like Swiggy and Vice Media.
Innov8’s founder & CEO Ritesh Malik claim that the company enjoys 95% occupancy across all its centers.
Founded in 2015, today Innov8 is one of the many co-working spaces that is trying to cash in on the ongoing boom of the co-working industry. Much of this boom is been triggered by India’s startup revolution that has brought to the forefront new age entrepreneurs and several innovative tech companies.
While Innov8 is barely three years old, the company can take lot of pride in the fact that it is been backed by high profile entrepreneurs like Paytm’s Vijay Shekar Sharma and Googles’s Rajan Anandan.
It competes with big names like WeWork, Regus, CoWrks, Awifs, Smartworks and Gowork. WeWork is obviously the big fish among all the competitors. The US based unicorn company currently operates centers in Mumbai, Bengaluru and Gurgaon.
There are also several small and unbranded co-working startups that are trying to make a dent into the market with comparatively affordable rents.