Advertisement
It also formally announced the acquisition of co-working firm Innov8 during the year. Currently, Innov8 has 16 centres across the country with over 6,000 seats.
While the companies did not disclose the financial details of the acquisition, according to the sources, Innov8 was acquired for around USD 30 million (about Rs 205 crore). The entire team of Innov8 has also joined OYO as part of the deal.
The debut of OYO Workspaces follows a multi-brand approach with the introduction of three brands – Innov8, which is an upper mid-scale brand, Powerstation, a mid-scale brand, and Workflo, which is an economy brand.
OYO Workspaces will open the doors to 21 workspaces, with over 15,000 seats across more than 10 cities.
Related Articles
Advertisement
When asked about the investment OYO will be making on the expansion, he said the investment on this would be part of already-announced Rs 1,400 crore investment for India and South Asia for the year.
“OYO Workspaces is premised on the belief that there is a huge disconnect between demand and supply of quality managed co-working spaces” Kapoor said.
OYO Workspaces uses technology and operational expertise to fix this problem, he added.
OYO said as part of its Vision 2020, it plans to become the largest multi-brand co-working space in Asia.