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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.

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Flex spaces boom as the office goes to the employee

LivemintLivemint · 8m ago
Flex spaces boom as the office goes to the employee
Medial

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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.

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.

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