Diversifying from the hotel and long-term lodging business to co-working spaces, Ritesh Agarwal led OYO Hotels and Homes has acquired Innov8, according to sources close to the firm. Sources said OYO, which has more than $1.1 billion in its balance sheet, spent between ~150 crore and ~200 crore for the acquisition. OYO aims to open more than 35 new co-working spaces in major metropolitans over the next one year, according to sources. OYO has also started two new co-working brands—PowerStation and WorkFlo, which will cater to a variety of start-ups and companies. Similar ...
Softbank-backed hospitality chain OYO has acquired co-working brand Innov8 and aims to open 35 new centres in India over the next year . The company, which announced the next year the launch of mid-scale co-working brand PowerStation by WorkFlo , also owns flexible office provider OYO . It plans to continue operating the three businesses as separate brands.