New Delhi, Nov 20 (PTI) Co-working startup Innov8 on Wednesday announced plans to raise Rs 100 crore in a first round of funding for which it is in talks with potential investors.

The company, which was acquired by hospitality and travel technology company OYO in 2019, said it was looking to close the funding at a valuation of Rs 1,200 crore to support its expansion plans.

“The capital raised will support strategic inorganic growth opportunities such as acquisitions, technology upgrades, partnerships and expansion into niche segments. The fundraising efforts are led by InCred,” Innov8 said in a statement. press release.

Innov8 recently announced plans to double the number of its coworking centers in India to 100 in 2025. It plans to add 4 million square feet of managed office space in India over the next three years.

It is focused on strengthening its presence in existing Tier 1 cities, including Delhi, Gurgaon, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bangalore, Ahmedabad and Hyderabad, by optimizing operations in these locations rather than ‘expand into new regions. added.

Currently, the company provides workspace to companies such as Swiggy, JioSaavn, Tata Digital, Paytm, Razorpay, IndusInd Bank, Whirlpool, Oppo, Snapdeal, Lenskart.com, Nykaa, Big Basket, OLA and Phonepe , among others, said Innov8.