OYO eyes co-working spaces, acquires Innov8
Indian hospitality company,OYO Hotels & Homes has acquired co-working company Innov8. The company is now planning to expand the business to 50 centers by the end of the current calendar year.
Rohit Kapoor, Chief Executive- New Real Estate Business, OYO was quoted in media saying, “Work spaces are a natural extension for us. The skill-sets and capabilities are quite common. We have the people, talent, technology and a great customer base to leverage, who are accessing multiple services.”
According to media reports, OYO Workspaces is set to open the door to its more than 21 workspaces, with over 15,000 seats across more than 10 cities in India. Of these, Innov8 is currently spread across six cities—Delhi, Noida, Gurugram, Bengaluru, Chandigarh and Mumbai, with 16 centers hosting over 6,000 employees of brands like Swiggy, Paytm, Pepsi, Nykaa, OLX and Lenskart. Powerstation has one centre in Gurugram with over 1,000 seats and Workflo has set up four centres across NCR, Hyderabad and Bengaluru with a hosting capacity of over 1,500 seats in total already.
Oyo pegs co-working spaces to be a $20 billion business opportunity in India by 2020.
“Given our experience in the hospitality industry and investment in core competencies that have helped us scale so fast in the hospitality, housing rental and banquet services business, we believe we are uniquely placed to create a strong offering for the corporates looking for space as a service," said Kapoor.