Mumbai: Coworking space provider Innov8 has raised an undisclosed amount in an angel round enabled by LetsVenture and Venture Catalysts. The round saw investments by prominent angel investors such as Vijay Shekhar Sharma of Paytm, Rajan Anandan of Google, Kunal Shah of FreeCharge, Girish Mathrubootham of Freshdesk and Anand Chandrasekeran of Facebook.
The Delhi-based company plans to use the funds to expand to metros including Mumbai, Noida and Gurugram.
Launched about a year and a half ago, the company is backed by Y Combinator and has centres in Delhi, Chandigarh and Bengaluru, where it opened its biggest workspace recently.
Innov8 offers shared workspaces, community and services to startups, freelancers, entrepreneurs and even divisions of large corporates. “We are currently working at 100% occupancy in both our Delhi and Chandigarh centres. We have an eight-month wait list at our Delhi centre,” said Shailesh Gupta, Co-founder of Innov8.
According to the company, its centre, which opened in Bengaluru just a week ago, already has a 60% occupancy.
“Early-stage startups in India struggle to find high quality, affordable office space. Innov8 solves this problem by providing this and also building a very strong community element in their spaces,” said Rajan Anandan, Managing Director of Google India, one of the investors in the round.
Innov8 operates an asset-light model leasing the working spaces for long-term periods of more than a decade. Co-founder Ritesh Malik said that the company is cash positive at a unit level in Delhi and Chandigarh.
Source: The Economic Times
