OYO acquires Innov8 to enter co-working business


Team Udayavani, Jul 16, 2019, 5:24 PM IST

New Delhi: Hospitality firm OYO on Tuesday announced entry into a new vertical, OYO Workspaces, targeting the co-working opportunity in India with an aim to have 50 centres across the country having a total seat count of around 35,000 by the end of 2019.

It also formally announced the acquisition of co-working firm Innov8 during the year. Currently, Innov8 has 16 centres across the country with over 6,000 seats.

While the companies did not disclose the financial details of the acquisition, according to the sources, Innov8 was acquired for around USD 30 million (about Rs 205 crore). The entire team of Innov8 has also joined OYO as part of the deal.

The debut of OYO Workspaces follows a multi-brand approach with the introduction of three brands – Innov8, which is an upper mid-scale brand, Powerstation, a mid-scale brand, and Workflo, which is an economy brand.

OYO Workspaces will open the doors to 21 workspaces, with over 15,000 seats across more than 10 cities.

“For 2019, we plan to have 50 centres that are operational across India, with a total of around 35,000 seats,” OYO New Real Estate Businesses CEO Rohit Kapoor told PTI.

When asked about the investment OYO will be making on the expansion, he said the investment on this would be part of already-announced Rs 1,400 crore investment for India and South Asia for the year.

“OYO Workspaces is premised on the belief that there is a huge disconnect between demand and supply of quality managed co-working spaces” Kapoor said.

OYO Workspaces uses technology and operational expertise to fix this problem, he added.

OYO said as part of its Vision 2020, it plans to become the largest multi-brand co-working space in Asia.

 

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Egg distribution scheme for school children under scrutiny over alleged mismanagement

India Post M’luru division to offer doorstep service to pensioners for Jeevan Praman certificate

Cong asks PM Modi why Gujarat’s white onion farmers given preferential treatment

Kharge slams Fadnavis, says people of Maharashtra will give a befitting reply to BJP

Doctors report treating ‘petticoat cancer’ in women who might have tied sarees tightly at waist

Incentive fund for SC/ST students of national institutes increased, says Minister Mahadevappa

Terminal 2 of Bengaluru airport gets 4,000 sqft hydroponic green wall

Related Articles More

Sensex, Nifty fall over 1 pc, snap two-day rally ahead of US Fed interest rate decision

SC orders liquidation of grounded air carrier Jet Airways’ assets

Home-cooked meals become dearer in October on costlier vegetables

Sensex, Nifty surge over 1 pc on heavy buying in IT stocks as Trump set to win US polls

Das says incoming data on GDP growth mixed but positives outweigh negatives

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Egg distribution scheme for school children under scrutiny over alleged mismanagement

India Post M’luru division to offer doorstep service to pensioners for Jeevan Praman certificate

Channapatna By-election: HDK releases audio of D K Suresh’s comments on Yogeeshwar

Cong asks PM Modi why Gujarat’s white onion farmers given preferential treatment

85,000 beneficiaries utilize “re-link” service in Gruha Jyothi Scheme

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.