India’s leading workspace brand, Innov8 Co-working, today announced the closing of an angel round led by LestVentures, Venture Catalysts and independent angel investors like, Vijay Shekhar Sharma(Paytm), Rajan Anandan (Google), Kunal Shah(Freecharge/Snapdeal), Girish Mathrubhootham (Freshdesk), Punit Soni (Ex-Flipkart CPO), Anand Chandrasekeran (Facebook), Sunil Kalra (Via Projects), Utsav Somani (Angel List India), Vishal Gondal (GOQii), Vikram Limaye (IDFC Bank) and other investors. Co-founded by serial entrepreneurs and investors, Dr. Ritesh Malik and Shailesh Gupta, Innov8 provides shared workspaces, community and services to startups, freelancers, entrepreneurs and even divisions of large corporates.
Co-working as a culture in India is not even a decade old concept and therefore, the country is in a continuous process of exploring new use cases for it by various sectors. What started a few years ago as an affordable alternative to workspace for entrepreneurs and freelancers, is now seeking major attention of corporates that are regularly deploying smaller teams on projects in the new cities. The Silicon Valley entrepreneurs, Dr. Ritesh Malik and Shailesh Gupta, forecasted the potential of the workspace industry and launched the brand Innov8 co-working in 2015. With its first centre in the heart of Delhi, Connaught Place, Innov8 focuses on targeting the most central and accessible locations in the city and ensures quirkiest and a comfortable atmosphere for its members.
“India is the 3rd largest country for start-ups but also has the most expensive real estate. Early stage start-ups in India struggle to find high quality, affordable office space. Innov8 solves this problem by providing for this and also building a very strong community element in their spaces. Ritesh and Shailesh are focused and passionate founders and the early traction in Delhi has been very encouraging. I am very excited about the company they are building” said Rajan Anandan, Vice President and Managing Director Google India and investor in the round.
Speaking on the announcement Shailesh Gupta, Co-founder of Innov8 said, “We started Innov8 with an idea to provide beautifully designed, collaborative workspaces, community and services to our co-workers so that they can save their energies and focus on work. We are humbled by the great response we received since the opening of our first centre in 2015. Today, we are a community of thousands of entrepreneurs and present in Delhi, Bangalore, Chandigarh and are soon launching in Mumbai, Gurgaon. Our members are a mix of entrepreneurs, freelancers, and start-ups, to artists, small businesses and even divisions of large corporations.”
With innovation and collaboration as its core concept, Innov8 is the official address of its members including corporates, writers, entrepreneurs, homemakers, freelancers, investors, RJs, advocates, and NGO’s. The brand aims towards making mundane workspaces interesting and collaborative in such a way that co-workers can be at that best productive self. In addition to an exciting workspace, Innov8 also offers community services in legal, tax, accounting etc.
“We’re thrilled to have some of the best names in the start-up world backing us! More than the money when we were raising this round, our focus was to get the most supportive & hands on investors who’ve been there and done that. We value the experience each of our investors get on board to build Innov8 into a world class workspace brand.” said Dr. Ritesh Malik Co-founder of Innov8
Speaking on the announcement Shanti Mohan, founder and CEO of LetsVenture said, “An increasing number of entrepreneurs, freelancers and SMEs in India need flexible office space. Besides offering world-class co-working spaces, Innov8 offers these individuals to become part of a thriving, collaborative community. The workshops, events, and interactions with mentors & industry experts are huge enablers in fostering innovation and learning. I have known Ritesh and Shailesh for a long time. They are building a great brand with Innov8.”
“Ritesh and Shailesh with their experienced team at Innov8 are doing a phenomenal job in creating a profitable and asset light model despite dealing with myriad Indian real estate structure. What enticed us to invest in Innov8 is the high potential in the founding team, tech managed operations and their approach to build the most innovative co-working place in India by creating a valley like culture and a pan India community of startups. Indifferent of stiff competition coming from the other co-working houses, they are successfully managing to run at 100% occupancy in Chandigarh and Delhi,” said, Apoorv Sharma, Cofounder, Venture Catalysts.
The co-working space is headquartered in Delhi and is managed by a team of 20 individuals. It is currently operational in three metro cities, Delhi, Chandigarh and latest centre in Bengaluru and plans two more centres in the next three months.
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