The startup wave displayed a massive need for affordable coworking spaces for professional use. Coworking started as a concept back in 1995 and with the birth of WeWork (1), the largest coworking space in the world, after which the idea of coworking started to be adopted by some key players in the market.
Innov8, a premium coworking space provider, has emerged as a leading coworking space brand in recent times in the Indian startup market space. India is the 3rd biggest startup hub in the world, which brings in the apparent need for relevant workspace.
At this time, Innov8 coworking space is helping startups and freelancers by providing them an ergonomically designed workspace that has exclusively been curated for better work-life.
Note: The first coworking space was started in 2005 by Brad Neuberg (2) in San Francisco, known as the San Francisco Coworking Space.
Innov8 Coworking: Innovating Coworking, Everyday
Innov8 started with a single center in CP, New Delhi, to now holding over thirteen centers across the nation. Dr. Ritesh Malik (3) founded the real estate firm in 2015 as his contribution to building the coworking centers to assist in the growth of the startup community in India.
The company claims to have on-boarded over 19 companies as members with an occupancy of 95% across all its centers. It has a popular client base, including Vice Media (4), RBL Bank (5), NDTV Goodtimes (6), and Swiggy (7).
Note: Hospitality chain Oyo acquired Innov8 for Rs 220 crore in March 2019. Post-acquisition made Dr. Ritesh Malik, founder, responsible for driving the company’s expansion. (8)
The Growth Story of Innov8 Coworking
The startup has progressed to have expanded to over 6,000 seats all over India and even expressed their plans to expand to establish over 15,000 members in the near future. At the time of initiation of Innov8, startups wave was taking over India, which was a phase where startups had just started becoming mainstream in the Indian ecosystem.
The basic idea for Innov8 coworking was to provide the best infrastructure & innovative design facilities to the members working in the workspace that encourages them to work while leading an equally balanced work-life with Innov8’s world-class office space.
Currently, Innov8 offers the following services to its clients:
- Private Offices
- Dedicated Desks
- Hot Desks
- Meeting/Conference Rooms
- Event Spaces
- Flexi Pass
- Experience Pass
- VAS- Professional Services
- VAS- Lifestyle Services
- VAS- Add ons
Upping their Game in the Coworking Market
Innov8 entered the market at a time when established players like WeWork had already established its space ad was moving ahead to capture further clients in different nations, which gives Innov8 a disadvantage. However, rising demand for coworking spaces resulted in shortage, which is where Innov8 stepped in.
Innov8 believes in building high-class quality products at a value-conscious price with world-class service, making it their fundamental strength. The company focusses on scaling the business model to assist in integrating more verticals under the shared economy space.
Fact: Dr. Ritesh Malik, the founder of Innov8 coworking, graduated from Dr. MGR Medical University (9) in Tamil Nadu in 2013.
Overall, with the continually rising demand for coworking space in the Indian marketplace, Innov8 is set to grow inevitably. Today, even large conglomerates and corporates are looking forward to foraying into the coworking space sector. Coworking facilitates creativity and productivity amongst the workers because of its flexibility, design, facilities, and prime coworking locations offered.