OYO-backed 'Innov8' pumps Rs.50 crore to develop Managed Offices in Mumbai

On October 9, Gurugram-based Innov8—a provider of coworking spaces—announced the launch of a managed office space vertical into its operations. By 2027, the company hopes to have developed 4 million square feet.

The company, which is owned by the hotel giant OYO, claims to have invested ₹50 crore in the aforementioned project.

Regarding this, the company said in a statement, “The Company plans to expand its footprint by 4 million square feet across India over the next three years, marking its most ambitious growth initiative to date”.

The statement also stated that Innov8 will launch its largest managed office space project to date in Mumbai as part of the expansion. It contained no other information about the facility in the financial capital.

Coworking spaces and managed offices differ from one another in a number of ways, including style, layout, cost, and lease periods. In short, managed offices are customized workspaces that resemble private offices but are provided and overseen by an outside operator.

Dedicated areas for a single organization (which may include several clients on the same floor) typically have a longer lock-in duration than coworking spaces.

Expressing to this strategic investment, Ritesh Malik, Founder of Innov8, “By entering the managed office space sector and undertaking this large-scale project in Mumbai, we're positioning ourselves to meet the evolving needs of businesses in one of India's most dynamic cities. We’ve had some early success here and we plan to replicate this across markets”.