OYO acquires Innov8, enters co-working space

OYO has finally announced the acquisition of coworking firm Innov8 in an all-cash deal

. According to an email sent to OYO employees by Rohit Kapoor, Chief Executive Officer of new real estate businesses, the company will be opening up several centers under brand names – PowerStation and WorkFlo. While PowerStation would be catering to corporates and large enterprises, WorkFlo will focus on startups, customer support and sales unit of mid-sized companies. A report has accessed the email sent by Kapoor to the employees.

A report had exclusively reported last month about OYO is opening up 1,000 plus seater PowerStation centre in Pioneer Square complex on the Golf Course Extension Road. Instead of killing Innov8 brand, OYO would support it in its independent functions and the process of launching more centres.

With this acquisition of Innov8 and announcement of two coworking brands – WorkStation and WorkFlo, OYO would be competing with WerWork, Coworks and Awfis amongst several others.

Picture Credits: OYO

Latest Funding Reveals

With coworking, co-living and hotel, the Ritesh Agarwal-led company has turned into fullstack real estate leasing company.

Last year, the firm had launched OYO Living (now OYO Life). A report had exclusively reported it in June 2018. Innov8 is the fourth acquisition for the SoftBank-backed company. Previously, it acquired Weddingz, AblePlus and Novascotia Boutique Homes (now known as SilverKey).

In September last year, OYO had scooped up $800 million round from SoftBank for comprehensive expansion in India and outside, especially China. Two months later, it raised a $103 million strategic capital from Singapore-based ride-hailing major Grab.

Picture Credits: OYO

Recently, the Gurugram-based company had announced to inject Rs 1,400 crore in the ongoing calendar year. It’s also launching an upscale hotel brand – Collection O. Currently, it has 12 hotels which it wants to have 650 properties by the end of the current calendar year.

  • Share your mind about this:

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

css.php
Agri-tech startup DeHaat raises pre-Series A funding
Amazon-Backed Acko Raises Fresh $65 Mn In Series C Funding
Opposition Leaders hail IAF, PM Modi says ‘Nation in Safe Hands’
Live streaming app Bigo announces $100 Mn
Alibaba buys 14% stake in China courier firm in $693M deal
Hyundai in talks with Ola to pump upto $300 Mn as strategic fund
Grofers raises $60 Mn in Series F round from SoftBank
Basic Dining Table Etiquettes That You Should Follow
Black Shark 2 With Snapdragon 855 and 12GB RAM goes official
Samsung Galaxy S10 series India launch date revealed
HDMI 2.1 Explained: Everything You Need to Know in One Place
Xiaomi Mi MIX 3 5G version likely to launch on February 24
Softbank-backed OYO to acquire FreshMenu in a $50-60 Mn deal
DesignCafe bags Rs 200 cr funding from WestBridge Capital
OnePlus Explorer Backpack goes on sale for Rs. 4,990
Bengaluru startup Doodhwala to raise ₹85 crore