Oyo Rooms enters into co-working space by acquiring Innov8.
The company initiated PowerStation and WorkFlo for putting a successful entry into real estate business.
Oyo to spend Rs. 1400 crores in launching an upscale hotel brand – Collection O.
Gurgaon based budget hotel aggregator Oyo Rooms has put a grand entry into co-working space by acquiring Innov8 a company functional in the co-working sector in India. The confirmation of acquisition came after Oyo CEO Rohit Kapoor told its employees about the same on e-mail. According to e-mail, the company will be opening up several centers under brand names – PowerStation and WorkFlo for putting a successful entry into real estate business. PowerStation will be focused on large enterprises and corporate and WorkFlo is targeted on customer support, a sales unit of mid-sized companies and startups.
Innov8 provides its services in four cities in India including Delhi, Bangalore, Chandigarh, and Bangalore and it is aggressively exhaling its business. The company has raised $4 Million in pre-Series A round led by Credence Family Office. It has 4000 members in its community and provides services like a dedicted desk, private office, virtual office, and hot desk.
Oyo has attained high parapet in a mere seven years of its operation. Japanese Conglomerate Softbank backed company initiated its business in China in 2017 by investing $800 Million. This investment turned highly beneficial for the firm. After this Oyo entered into long term house renting. It initiated Oyo Living that provides shared accommodations at affordable rates. It is now operating in more than 35 properties based in Pune, Bangalore, Gurugram, and Noida.
Ritesh Agrawal owned Oyo will use customer base of Innov8 to enter into real estate industry. After acquiring Innov8 and opening two co-working brands WorkFlo and PowerStation, Oyo is ready to give tough competition to CoWorks, Awfis, WerWork and several others working in co-working sector. Recently Oyo is in a move to expand its business by launching an upscale hotel brand – Collection O by spending Rs. 1400 crores in it. It has previously purchased various firms including AblePlus, Silver Key and WeddingZ.
Oyo is planning to become the largest hotel chain of the world by 2023.
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