OYO Hotels & Homes acquires co-working firm Innov8
OYO Hotels & Homes has formally announced its acquisition of co-working venture Innov8, while also stating that the SoftBank-backed hospitality chain was planning to expand the business to 50 centres by the end of the current calendar year. The transaction, news of which was first broken in January earlier this year, is believed to have valued Delhi-based Innov8 at about Rs 200 crore, and marks Gurgaon-headquartered OYO’s first step into the commercial real estate sector. As part of the acquisition, OYO will also onboard an estimated 150 Innov8 employees on to its rolls. Apart from OYO and Innov8, the still-nascent Indian co-working sector counts the likes of SoftBank-backed WeWork, Sequoia Capital-backed Awfis Space Solutions and 91 springboard as the prominent players.
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