Hotel chain ‘Oyo’ in talks to buy Innov8 for Rs. 200 crores

Bengaluru News

The well-known Oyo Company supported by SoftBank is in the final stages of talks for acquiring Innov8 a co-working space company. According to the sources, this deal is likely to be finalized in Rs. 200 crores and will be a complete cash transaction.

Oyo a budget hotel chain is looking for a co-working deal in the co-working sector and the sources close to the group estimate the deal to be of worth Rs. 200 crores. The company is all set to purchase Innov8 in an allcash deal as the sponsor of this company i.e. Softbank has given Oyo thumbs up.

The Oyo Company is searching for co-living and co-working opportunities and the Softbank is supporting it. This deal is said to be a perfect call for both as the Innov8 is also looking for a buyout opportunity.

Ritesh Aggarwal, the Oyo founder raised approximately $1.16 billion and also received $100 million from major Grab via transaction.

Oyo is a Gurugram-based hospitality chain and is frequently expanding in China and overseas. In November 2018, the company appointed Aditya Ghosh the aviation executive as the firm’s first chief executive for India and South Asia.

Innov8 was launched in 2015 and offers coworking spaces and private offices on rent in Mumbai, Bengaluru, the National Capital Region, and Chandigarh. Big names like Rajan Anandan Google India head, Paytm founder Vijay Shekhar Sharma and Freshworks chief executive Girish Mathrubootham are funding this company.