Innov8 raises $4 million pre-Series A funding led by Credence Family Office

Guerilla Infra Solutions Pvt. Ltd, which owns and operates co-working centres Innov8, has raised $4 million in its pre-Series A funding. The round was led by Credence Family Office, with participation from existing investors Lets Venture and Venture Catalysts.

Innov8 raises  million pre-Series A funding

Founded in 2015 by Ritesh Mallik, Innov8 is a Y-Combinator backed company that offers coworking and shared office spaces. Currently, it operates 13 co-working centres across the National Capital Region (NCR), Mumbai, Bengaluru and Chandigarh on an asset-light model, leasing working spaces for up to 10 years.

Speaking on the funding, Dr Ritesh Malik said, “We have almost 95 percent occupancy across all our centres, which is one of the foremost markers of our success. With the domain expertise our investors bring on-board, we look forward to leveraging their support, as we build a leading platform which offers a collaborative space for growth and innovation in India.”

Innov8 plans to use the newly raised capital to expand its footprint beyond Delhi NCR, Mumbai, Bengaluru and Chandigarh. Besides, the company will also invest to develop technology platforms for its business solutions such as proprietary access control and consumer-facing applications along the lines of a social networking platform for co-workers.

“Co-working space is an exciting segment to be present in. Innov8’s unique business model has demonstrated promising growth trajectory along with some of the leading names in the industry as its clientele,” said Mitesh Shah, co-founder and managing partner, Credence Family Office.

Innov8 co-working centres are typically spread over 22,000-27,000 sq. ft and the startup will be targeting campuses of 50,000 sq. ft, going forward. Its clients include RBL Bank, food delivery major Swiggy and Vice Media, among others.

In the co-working space, Innov8 directly competes with Sequoia-backed Awfis, 91springboard and Cowrks, Blume Ventures-backed BHive, and WeWork’s Indian arm, among others. The company had previously raised an undisclosed sum in an angel round from Lets Venture and Venture Catalysts in February 2017. The round also saw participation from Paytm founder Vijay Shekhar Sharma, Google India head Rajan Anandan, Anand Chandrasekaran, the global director of platform and product partnerships for Facebook, and Girish Mathrubootham, chief executive of Freshworks.