Innov8 Coworking, the Y-Combinator backed workspaces and community startup, on Thursday announced that the firm had raised USD 4 million funds to expand its business and double its seating capacity to 8,000 by March next year.
Innov8 was started in 2015 by Ritesh Mallik. It currently has 13 coworking spaces in the National Capital Region (NCR), Mumbai, Bengaluru, and Chandigarh.
The firm said in a statement that it “has raised USD 4 million in a pre-series A financing round, led by Credence Family Office.”
The investment would help the company bolster its geographical reach by opening up more centers and double up its seat count to 8,000 in the next six months, the statement added.
“The success of the latest funding round is a strong indication of the trust our investors have in our vision. Innov8 has established a firm foothold in the vast pool of co-working spaces in India with its premium real estate and commitment towards delivering excellence through design and experience,” Malik, Founder, and CEO of Innov8 said.
The company currently has more than 190 clients, which includes some big names such as Ratnakar Bank Limited (RBL), Swiggy and Vice Media.
It is backed by many big investors including Paytm founder Vijay Shekhar Sharma, Google India head Rajan Anandan, Anand Chandrasekaran, the global director of platform and product partnerships for Facebook, and Girish Mathrubootham, chief executive of Freshworks.
Innov8 competes with players such as Awfis, 91springboard, Cowrks, Blume Ventures-backed BHive, and WeWork’s Indian arm.