An­gels Get to In­nov8 Here

Cowork­ing space provider to ex­pand to Mum­bai, Noida & Gu­ru­gram

The Economic Times - - Disruption: Startups & Tech - Supraja.Srini­vasan @times­group.com

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 workspa- ces, com­mu­nity and ser­vices to star­tups, free­lancers, en­trepreneurs and even di­vi­sions of large

THINKSTOCK 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, co­founder 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. Co­founder Ritesh Ma­lik said that the com­pany is cash pos­i­tive at a unit level in Delhi and Chandi­garh.

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