OYO buys co-working firm Innov8; marketing startup EkAnek raises seed capital

OYO buys co-working firm Innov8; marketing startup EkAnek raises seed capital
Photo Credit: Photo Credit: VCCircle
15 Mar, 2019

SoftBank-backed hospitality unicorn OYO Rooms has acquired Delhi-based co-working space provider Innov8 for Rs 150-200 crore, a report in Business Standard stated, citing persons in the know.

Innov8’s employees will join OYO but will operate as a separate brand, the report added.

OYO will launch more than 35 new co-working spaces in major metros in the coming year and has also opened two new co-working brands—PowerStation and WorkFlo, aimed at startups and companies, said the report.

OYO declined to comment on the development.

Gurugram-based OYO has been doubling down on its expansion plans.

It is looking to raise venture debt capital this year for its Townhouse property in India, a report in Mint stated on Friday.

Last week, it said it will invest Rs 1,400 crore (around $200 million) in its Indian and Southeast Asian operations over the course of the current calendar year.

In February this year, it raised $100 million from Chinese ride-hailing firm Didi Chuxing to close its $1-billion funding round.

Operated by Guerrilla Infra Solutions Pvt. Ltd, Innov8 was founded in 2015 by doctor Ritesh Malik and IIT Kharagpur graduate Shailesh Gupta.

It ran 12 centres in Mumbai, Bengaluru, Delhi-NCR and Chandigarh, its website states.

EkAnek Networks

The marketing startup has raised $10 million in a seed funding round from venture capital firms Sequoia Capital, Lightspeed India Partners and Matrix Partners, a report by news portal Entrackr stated, citing two persons in the know.

According to the report, the deal was closed last month at an estimated valuation of $25 million.

Email queries sent to EkAnek did not elicit a response at the time of publishing this report.

Founded in 2018 by IIM Ahmedabad alumnus Kartik Sheth and IIT Kharagpur Chandranshu Sinha, the startup creates influencer networks, commerce platforms and other support infrastructure for brands in the lifestyle category. Sheth has previously worked with McKinsey & Company, Unilever and Airtel, while Sinha, who is a technology veteran, has earlier worked with companies like OfBusiness, Lime Labs, Trilogy consulting etc. This is the seventh startup he has co-founded.