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OYO-Owned Innov8 Forays Into Managed Office Space Segment

Inc42Inc42 · 9m ago
OYO-Owned Innov8 Forays Into Managed Office Space Segment
Medial

- Innov8 has announced its plans to add 4 Mn square feet of managed office space in India in the next three years. - The startup is targeting Mumbai to build its largest managed office space project as part of its expansion strategy. - Innov8, founded in 2015 by Malik, currently operates premium coworking spaces across nine cities in India. - The company's expansion efforts aim to meet the growing demand for flexible workspace solutions in the Indian market. - Innov8 is recognized for its high-quality coworking spaces and is well-positioned to capture the market's increasing demand for such services. - The addition of 4 Mn square feet of office space demonstrates Innov8's commitment to becoming a key player in the coworking industry in India.

Co-working firm Innov8 goes into arbitration with Rahul Yadav's 4B Networks for unpaid dues

Money ControlMoney Control · 1y ago
Co-working firm Innov8 goes into arbitration with Rahul Yadav's 4B Networks for unpaid dues
Medial

Rahul Yadav, the founder of 4B Networks, is facing mounting legal troubles, including arbitration and criminal cases. In addition to his arbitration dispute with Info Edge, it's revealed that 4B Networks and Yadav are also in arbitration with Innov8 over unpaid rent of Rs 1.08 crore for an office space. Innov8 has filed a criminal case under the Arbitration and Conciliation Act after failed attempts to resolve the issue. Another arbitration case involving 4B Networks is also facing difficulties, with Yadav requesting more time for understanding the arbitration case with Info Edge. A criminal case has also been filed against Yadav by an ad agency for Rs 10 crore in unpaid dues.

Stanza Living raises $13 Mn led by Alpha Wave

EntrackrEntrackr · 1y ago
Stanza Living raises $13 Mn led by Alpha Wave
Medial

Managed accommodation provider Stanza Living has raised Rs 110 crore ($13 million) in what appears to be a bridge round led by Alpha Wave. The equity round is coming after a gap of more than three years for the Delhi-based startup. The board at Stanza Living has passed a special resolution to issue 1,207 preference shares at a price of Rs 911440.17 each to raise Rs 110 crore, its regulatory filing accessed from the Registrar of Companies shows. Alpha Wave has pumped in Rs 83 Crore while Matrix Partners, Accel India and Peak XV invested Rs 27 crore cumulatively. As per startup data intelligence platform TheKredible, Stanza Living was valued at around Rs 3,900 crore ($470 million). This is a marginal jump in valuation from Rs 3,525 crore ($424 million) in the last equity round. The firm was reportedly in talks to raise funding to the tune of $25 million. Stanza Living had raised $57 million in a debt round led by Kotak Mahindra Bank and RBL Bank in March 2022 and $100 million in an equity round in April 2021. So far, it has scooped up over $230 million across equity and debt rounds. Stanza Living is a managed accommodation platform which provides co-living solutions for working professionals and students. The firm claims to have an inventory of more than 75,000 beds in 450 plus residences with a presence across 24 cities. Stanza Living’s revenue from operations surged to Rs 442 crore in FY23 from Rs 115 crore in FY22. As per TheKredible, its losses increased by 18.71% to Rs 495 crore in FY23 as compared to Rs 417 crore in FY22. The firm is yet to file its audited financial statements for FY24. Stanza Living competes with Colive, Your Space, Settl, Union Living and Coho. Last year, Tiger Global-backed home rental startup NestAway was acquired by Aurum PropTech (formerly Majesco Ltd) in a 90% haircut in valuation to $11 million.

OYO strengthens top leadership with five elevations

EntrackrEntrackr · 9m ago
OYO strengthens top leadership with five elevations
Medial

OYO has strengthened its leadership team with five key appointments. Sonal Sinha has been named Chief Operating Officer – International, while Rachit Srivastava steps into the role of Chief Operating Officer for OYO Vacation Homes (OVH) in Europe. Shashank Jain has been promoted to Head of Technology and Online Revenue. Pankhuri Sakhuja will lead Traum-Ferienwohnungen, OYO’s listings business in Germany, as well as the flex-space business Innov8. Lastly, Ashish Bajpai has taken on the role of Head of Revenue and Global OTA. OYO highlighted that these leadership appointments demonstrate its dedication to innovation as it works to broaden its global presence. The company is focused on expanding its range of hotels and vacation homes across different price points, thereby enhancing its market reach and operational efficiency. OYO asserts that it has played a substantial role in the country’s growing startup ecosystem, with over 60 former employees successfully launching their own startups after their time with the company. In August, OYO officially appointed Sumer Juneja as a non-executive director. The Ritesh Agarwal-led firm recently announced the acquisition of G6 Hospitality, the operator of Motel 6 and Studio 6, for $525 million in an all-cash transaction. For the fiscal year ending March 2024, OYO reported revenue of Rs 5,389 crore and a profit of Rs 230 crore, a significant turnaround from a loss of Rs 1,286 crore in FY23.

Rebel Foods raises $13 Mn debt

EntrackrEntrackr · 1y ago
Rebel Foods raises $13 Mn debt
Medial

Cloud kitchen brand Rebel Foods has raised Rs 110 crore ($13.2 million) in debt from Alteria and InnoVen Capital. This is the fifth debt funding for the parent company of EatSure (previously Faasos) after its last equity round in 2021. The board at Rebel Foods has passed a special resolution to issue 11,000 Series G1 non-convertible debentures at an issue price of Rs 1,00,000 per debenture to raise Rs 110 crore, regulatory filings with the Registrar of Companies (RoC) show. Orbis Trusteeship (through Alteria) has invested Rs 65 crore while Vistra ITCL ( via InnoVen Capital) pumped in Rs 45 crore during the debt round. The tenure of paying Series G1 debt is up to 01 May 2027. According to filings, each debenture issued in the debt round shall be entitled to the interest of 13.90% per annum. The interest shall be payable on a monthly basis. In April last year, it raised Rs 75 crore ($9 million) in debt from Catalyst Trusteeship (Northern Arc) and Stride Ventures. In 2022, the Mumbai-based firm received Rs 230 crore across three debt fundings. Rebel Foods operates food brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, The Good Bowl, and Slay Coffee with more than 450 kitchens in over 70 cities. It has a portfolio of over 45 brands across multiple countries—India, United Arab Emirates (UAE), Saudi Arabia and the UK. The company is planning to take Oven Story Pizza offline and will open 250-300 outlets over the next two-three years. The Jaydeep Barman-led company entered the unicorn club after a $175 million Series F round led by Qatar Investment Authority in October 2021. The Peak XV-backed company raised its last equity round of $14.5 million in November 2021. Rebel Foods’s operating revenue surged to Rs Rs 1,258 crore in FY23 from Rs 856 crore in FY22. According to startup data intelligence platform TheKredible, its losses jumped to Rs 656 crore in FY23 from Rs 564 crore in the previous year. As per media reports, Rebel Foods is planning for an initial public offering (IPO) by 2025, making it the first firm from cloud kitchen space to list on the Indian stock exchange.

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