Gurgaon-based co-working space provider Innov8 has secured $4 million in its pre-Series A funding round, which was led by wealth management firm Credence Family Office along with participation from a few existing investors.
The company is planning use the newly raised capital to expand its footprints across the country. It is also aiming to increase its seat count to almost 8,000 by the next six months. It’ll also spend money to ramp up its technology, enhance community experience and improve net promoter score (NPS).
Innov8’s aim of increasing its seat count to 8,000 in six months seems ambitious given that the company currently operates around 4,000 seats spread across 13 cities, including Delhi/NCR, Mumbai, Bengaluru and Chandigarh. The company’s co-working spaces are been used by big companies like RBL and emerging startups like Swiggy and Vice Media.
The company was founded in 2015 and thanks to the startup boom in India, it is among the leading co-working space provider trying to cash in on the ongoing boom. The firm’s founder and CEO Ritesh Malik claims that the company enjoys 95 percent occupancy across all its centers.
Innov8 competes with big names like WeWork, Regus, CoWrks, Awifs, Smartworks and Gowork. WeWork, based in the United States, is the biggest among them all and currently operates centers in Mumbai, Bengaluru and Gurgaon. It is reportedly in talks with Japan-based SoftBank for a massive $10 billion funding.