Innov8 co-working raises $4 million to double its seats to 8,000

Innov8 Co-working said it has raised USD 4 million fund (around Rs 30 crore) to expand its business and double its seating capacity to 8,000 by March next year. Started in 2015, Innov8, which was also part of Silicon Valley incubator Y Combinator, has around 4,000 seats across 13 centres in Mumbai, Bengaluru, Delhi/NCR and Chandigarh. It is backed by many big investors including Paytm founder Vijay Shekhar Sharma and Google India's RajanAnandan, among others. Gurugram-based Innov8 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 centres and double up its seat count to 8,000 in the next six months, the statement added.  Company's founder and CEO Ritesh Malik said it has raised USD 6.5 million including this round of funding. Innov8 has more than 190 companies as its members, which include large corporates such as RBL, and emerging enterprises such as Swiggy and Vice Media. The startup would utilise the funds to make additional investments in building technology platforms for business, enabling solutions and customer facing apps, investing on community experience and increasing the company's NPS. "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 said.