With this acquisition, OYO has diversified from the hotel and long-term lodging business to co-working spaces.
OYO Hotels and Homes has acquired co-working space firm Innov8. Ritesh Agarwal-led company has spent between Rs 150 crore and Rs 200 crore for the acquisition. With this acquisition, OYO has diversified from the hotel and long-term lodging business to co-working spaces.
The company is planning to launch 35 new co-working spaces in major metropolitans over the next one year. It has also started two new co-working brands, PowerStation and WorkFlo, catering to a variety of start-ups and companies.
The SoftBank-backed firm eyes to provide affordable office and workstation spaces. It has further appointed all Innov8 employees and will continue as a separate brand.
OYO's new brand PowerStation is targeted at clients whose team sizes are growing and want managed workspaces in emerging business districts.
WorkFlo is aiming at transforming regional offices, sales offices, customer support centres, and growing start-ups that want affordable options. It is also for enterprises that are seeking multi-city solutions, budget-friendly, and functional.