Innov8, a co-working start-up announced that it will double its footprint in the ongoing financial year, FY 2023-2024. The company added 5 new centers in key business cities in India in early 2023 and is all set to inaugurate 5 more centers in the current quarter.
The company is in the process of setting up 10 additional centers in the last quarter of the financial year, thereby taking the new center count in the year to 20. At the beginning of the year, it had 20 centers across 9 business cities including Delhi, Gurgaon, Noida, Mumbai, Pune, Bangalore, Chennai, Hyderabad, and Ahmedabad. With the ongoing expansion, it will add, 8000 seats and 300,000 square feet of co-working space across Delhi NCR, Mumbai, Pune, Bengaluru, and Chennai. The company and its partners will invest Rs 100 Crore to open these centers pan India, read the statement issued by it.
The 5 new centers added in early 2023 include Innov8 Solitaire Corporate Park and Innov8 Times Square in Andheri, Mumbai; Innov8 Suman Business Park in Kalyani Nagar, Pune; Innov8 Huda City Centre in Gurgaon; and Innov8 Millenia in OMR, Chennai.
Innov8’s pivot to a ‘5 mins to a metro station’ strategy, to open new co-working centers only near metro stations and key arterial roads across top business cities in India has been instrumental in driving this growth. The company has witnessed over 90 per cent occupancy, high demand, and healthy rentals in its co-working centers across the country which are within five minutes of metro stations, the company said in a statement.
Talking about the expansion, Dr. Ritesh Malik, founder of Innov8 said "In FY2023 Innov8’s growth in centers was 30 per cent. Since our pivot to the “5 minutes to a metro station strategy we have nearly doubled the number of centres in the country. Growth in India’s flex space industry and the start-up ecosystem, in general, is indicative of a fundamental shift in how businesses perceive and utilize office spaces.”
Pankhuri Sakhuja, business head of Innov8 added, “Innov8 has won customer trust and love with its "5 minutes to metro" strategy. On average, Innov8 coworking offices see 90 per cent occupancy in less than 3 months, compared to the industry average of 6 months. With this expansion, Innov8 is well-positioned to capitalise on these opportunities and continue its upward trajectory.”