OYO acquires co-working space firm Innov8, to open 35 new offices

Diversifying from the hotel and long-term lodging business to co-working spaces, Ritesh Agarwal led OYO Hotels and Homes has acquired Innov8, according to sources close to the firm.

Sources said OYO, which has more than $1.1 billion in its balance sheet, spent between ~150 crore and ~200 crore for the acquisition.

OYO aims to open more than 35 new co-working spaces in major metropolitans over the next one year, according to sources. OYO has also started two new co-working brands—PowerStation and WorkFlo, which will cater to a variety of start-ups and companies.

Similar to the hotel and long-term accommodation space, OYO plans to provide affordable office and workstation spaces. The SoftBank-backed company has already made an expansion plan for the whole year.