Co-working startup Innov8 has announced that it will double its footprint in the ongoing financial year FY 2023-2024. The company added 5 new centers in key business cities in India in early 2023 and is all set to inaugurate 5 more centers in the current quarter. The company is in the process of setting up 10 additional centers in the last quarter of the financial year, thereby taking the new center count in the year to 20. At the beginning of the year, Innov8 had 20 centers across 9 business cities, including Delhi, Gurgaon, Noida, Mumbai, Pune, Bangalore, Chennai, Hyderabad and Ahmedabad. With the ongoing expansion, Innov8 will add 8000 seats and 300,000 sq. ft of co-working spaces across Delhi NCR, Mumbai, Pune, Bengaluru and Chennai. The 5 new centers added in early 2023 include Innov8 Solitaire Corporate Park and Innov8 Times Square in Andheri, Mumbai; Innov8 Suman Business Park in Kalyani Nagar, Pune; Innov8 Huda City Centre in Gurgaon; and Innov8 Millenia in OMR, Chennai.
Innov8 Aerocity and CP in New Delhi, Innov8 Marol in Mumbai, and Innov8 locations in Bellandur and KR Puram in Bangalore are amongst the centers slated to be inaugurated within this quarter. Innov8 has successfully implemented a strategy of opening new co-working centers near metro stations and key arterial roads across top business cities in India. This strategy has been called '5 mins to a metro station' and has been critical in driving the company's growth. The co-working centers that are within five minutes of metro stations have seen over 90% occupancy, high demand, and healthy rentals across the country. As work from office or hybrid working becomes a mandate, even for startups, which form a significant part of Innov8's customer base, ease of public commute has become a major draw. Employees prefer joining companies that are located near metro stations, and this has led to high demand for Innov8's co-working centers.
Talking about the expansion, Dr. Ritesh Malik, Founder of Innov8, said, "In FY2023, Innov8’s growth in centers was 30%. Since our pivot to the '5 minutes to a metro station' strategy, we have nearly doubled the number of centers in the country. Growth in India’s flex space industry and the startup ecosystem in general is indicative of a fundamental shift in how businesses perceive and utilize office spaces. Innov8 has pivoted so that it can capitalize on this shift and provide businesses with a dynamic and flexible workspace solution".
Pankhuri Sakhuja, Business Head of Innov8, said, “On average, Innov8 co-working offices see 90% occupancy in less than 3 months, compared to the industry average of 6 months. Innov8’s success in gaining the trust and support of customers has paved the way for exploring new market opportunities and driving further growth. With this expansion, Innov8 is well-positioned to capitalize on these opportunities and continue its upward trajectory".
Innov8 offers high-quality co-working spaces that come with uninterrupted connectivity, easy accessibility to major transit hubs including metro stations, airports, and railway stations, and flexible work arrangements, all at an affordable price. As of now, Innov8 has seven centers located in Delhi-NCR that are well-connected with the Delhi Metro and Transit Metro, making it a hassle-free experience for customers to travel across Delhi, Noida, and Gurgaon. In Mumbai, all of Innov8’s centers are located in Andheri East, which is in close proximity to metro stations, making it an ideal destination for startups, established corporations, and other businesses.
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