How Innov8 Redefined Coworking in India: Rethinking Workspaces for Startups

Introduction

When India’s startup ecosystem began booming in the mid-2010s, entrepreneurs faced one persistent problem — expensive, uninspiring office spaces. In an era dominated by freelancers, startups, and remote workers, the need for modern, affordable, and community-driven offices gave rise to the concept of coworking. Amid this shift, Innov8 Coworking, founded by Dr. Ritesh Malik in 2015, redefined what a workplace could mean — not just desks and chairs, but a place to innovate, connect, and grow.

Founding Story

Innov8 was born out of Ritesh Malik’s own frustration with the traditional office setup. A doctor turned entrepreneur, Malik had already tasted startup success when his previous venture, ALIVE app, was acquired by Bennett, Coleman & Co. (Times Group). But he noticed a gap — India lacked premium, design-centric coworking spaces that could foster collaboration and creativity.

In 2015, he founded Innov8 Coworking with a mission: to build inspiring workspaces for the creators of tomorrow.
The first Innov8 space opened in Connaught Place, New Delhi, designed with a mix of aesthetic interiors, ergonomic furniture, and community-driven activities. It quickly attracted startups, freelancers, and corporates seeking flexible spaces in prime business hubs.

Vision & Mission

• Vision: To make workspaces more human, collaborative, and design-led.
• Mission: To create premium, accessible coworking environments where innovation thrives through community, creativity, and culture.
  

Innov8 stood out not by being the cheapest, but by focusing on quality, experience, and networking opportunities, turning workspaces into micro-ecosystems of innovation.

Business Model

Innov8’s business model was simple yet powerful — leasing commercial properties, redesigning them into vibrant coworking hubs, and renting desks or private offices to individuals and organizations.

Revenue Streams:

The focus on premium design and location meant Innov8 charged slightly higher than average coworking spaces, appealing to those who valued aesthetics and collaboration over low cost.

Growth & Expansion

Between 2015 and 2018, Innov8 expanded aggressively across India. Within just three years, it had 20+ centers in major cities like Delhi, Bengaluru, Mumbai, and Chandigarh, housing over 6,000 working professionals.

Its spaces became hubs for top startups, entrepreneurs, and freelancers. Malik’s strong media presence and brand storytelling further amplified Innov8’s identity as India’s first premium coworking brand.

Funding & Acquisition by OYO

Innov8 initially raised a seed round of $4 million from LetsVenture and Ritesh Malik’s own funds, focusing on design and expansion. But the turning point came in 2019, when OYO Hotels & Homes, led by Ritesh Agarwal, acquired Innov8 Coworking for around ₹200 crore (approx. $30 million).

This acquisition allowed OYO to enter the workspaces segment under the brand OYO Workspaces, which included Innov8, Workflo, and Powerstation — each targeting a different market tier. Innov8 continued to operate as the premium coworking vertical under OYO’s umbrella, maintaining its brand identity and leadership team.

Product Ecosystem

Innov8 wasn’t just about providing desks — it built a holistic ecosystem for professionals:

• Premium Workspaces: Modern interiors, ergonomic furniture, and biophilic design for productivity.
• Tech Infrastructure: High-speed internet, conference tools, and integrated access systems.
• Community Events: Networking sessions, mentorship meets, startup showcases.
• Wellness-Focused Amenities: Coffee bars, nap zones, breakout lounges, and creative corners.
• Corporate & Startup Solutions: Flexible contracts for teams from 2 to 200+ members.

Branding & Marketing Strategy

Innov8’s brand identity centered on experience, aesthetics, and community. While competitors like WeWork and Awfis relied on corporate tie-ups, Innov8 positioned itself as the workspace for innovators and changemakers.

Key Strategies:

• Strong visual branding on social media — minimalist, urban, and aspirational.
• Leveraged founder storytelling — Ritesh Malik often shared his vision and startup lessons, humanizing the brand.
• Partnerships with startup events like TiE Delhi, Y Combinator meetups, and TEDx.
• Focus on premium millennial appeal — blending work, lifestyle, and community.
  

Challenges Faced

1. High Real Estate Costs: Premium locations meant high rental and design expenses.
2. Competition: Rising coworking players like WeWork India, Awfis, and 91Springboard challenged Innov8’s market share.
3. Pandemic Impact: COVID-19 hit coworking demand hard in 2020–2021, forcing operational adjustments and hybrid models.
4. Integration with OYO: Balancing Innov8’s independent brand ethos within OYO’s larger corporate structure posed initial hurdles.

Despite challenges, Innov8 managed to maintain its distinct identity and continue expanding under OYO Workspaces.

Financial Snapshot (Pre-Acquisition)

Lessons for Entrepreneurs

1. Design Matters: A workspace can drive innovation — aesthetics and environment affect productivity.
2. Solve a Real Problem: Innov8 thrived because it addressed an everyday issue — uninspiring offices.
3. Community > Infrastructure: Success wasn’t just desks but networks, collaboration, and shared growth.
4. Strategic Exit: Ritesh Malik’s decision to sell to OYO at the right time ensured scalability and sustainability.
5. Adaptability: Surviving post-pandemic showed Innov8’s resilience and ability to evolve in a changing workspace landscape.
   

Conclusion

From a single premium coworking space in Connaught Place to a nationwide network acquired by OYO, Innov8 Coworking represents India’s transformation in how people view work. Ritesh Malik not only built offices but built communities — spaces that inspire innovation and collaboration.

Today, Innov8 continues to empower startups, corporates, and freelancers alike, proving that workspaces aren’t just about where you work, but how you grow.

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