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 earlier this month the launch of mid-scale co-working brand PowerStation by OYO, also owns flexible office provider WorkFlo. “Co-working is a growing segment that will continue to grow as more people find it convenient for their work schedules or personal lives,” said Yoichiro Ito, president of Oyo.