Business
India’s budget hotel startup Oyo enters co-working business with $30 million Innov8 acquisition
India’s Oyo has expanded its hotel chain business to over 80 countries and entered co-living spaces segment in recent years. The firm, which has raised about $1 billion in the last two quarters from several big names including Airbnb, has now identified a new business to target: co-working spaces.
The Gurgaon-headquartered firm on Tuesday announced Oyo Workspaces that is already operational across 10 cities in India with over 20 centres. It already has the capacity to serve more than 15,000 people.
At a press conference in New Delhi, Rohit Kapoor, CEO of New Real Estate Businesses, said Oyo plans to have 50 Oyo Workspaces centres by the end of the year and aims to make it the largest co-working business in Asia by the end of next year.
As part of the announcement, Oyo confirmed that it has acquired Innov8, a co-working startup with over 200 employees and 16 operational centres. The four-year-old startup, which had raised about $4 million to date, was acquired for about $30 million, two sources familiar with the matter told TechCrunch.
Innov8 is one of the three in-house brands that is part of Oyo Workspaces. The other two brands — Workflo and Powerstation — are aimed at people who are looking for more economical offering. A user could access one of these co-working spaces for as low as Rs 6,999 ($102) a month. Innov8 has been positioned as a premium option.
The co-working space market is worth about $390 million in India. Kapoor said Oyo believes it can not only become a market leader in the nation but also expand the size of the market itself.
Oyo Workspaces will offer a range of services such as a Wi-Fi connection, in-house kitchen, housekeeping, storage and parking spaces,across all of its centres. It is also offering users monthly monthly and quarterly passes — currently being offered at heavily discounted rates — to further lower the price points of its co-working spaces.
More to follow shortly…
-
Business7 days ago
Lordstown Motors’ ousted CEO settles with SEC for misleading investors
-
Business6 days ago
Apple sued, Microsoft’s AI ambitions and Nvidia’s surprises
-
Business5 days ago
TechCrunch Mobility: The wheels are starting to come off the Fisker EV bus
-
Entertainment4 days ago
Amazon Big Spring Sale 2024: Shop 350+ deals on Apple, robot vacuums, security cameras, more
-
Business4 days ago
Maju Kuruvilla is out as CEO of one-click checkout company Bolt
-
Entertainment3 days ago
Where’s the AI in these ‘AI-powered’ products for your home?
-
Entertainment4 days ago
Asus ROG Zephyrus G14 (2024): The MacBook Pro of gaming laptops
-
Entertainment6 days ago
Amazon’s Big Spring Sale 2024: Shop 340+ deals on Apple, robot vacuums, security cameras, more