Oyo Hotels and homes, the world’s third-largest
chain of hotels, homes, managed living and workspaces has confirmed its acquisition
of Innov8, a co-working spaces provider, highlighting the company’s increasing
focus on the fast-growing segment.
Charting out its multi-brand approach to the workspace’s
opportunity in India, Oyo introduced three co-working brands under Oyo
Workspaces: Innov8, Powerstation and Workflo for upper mid-scale, mid-scale and
economy segments, respectively.
OYO Workspaces is set to open the door to
its more than 21 workspaces, with over 15,000 seats across more than 10 cities
in India, it said in a statement. Of these, Innov8 is currently spread across
six cities—Delhi, Noida, Gurugram, Bengaluru, Chandigarh and Mumbai, with 16
centres hosting over 6,000 employees of brands like Swiggy, Paytm, Pepsi, Nykaa,
OLX and Lenskart. Powerstation has one centre in Gurugram with over 1,000 seats
and Workflo has set up four centres across NCR, Hyderabad and Bengaluru with a
hosting capacity of over 1,500 seats in total already.
Oyo pegs co-working spaces to be a $20 billion
business opportunity in India by 2020. Oyo’s entry into the workspaces business
comes at a time when India is already seeing the emergence of several large
companies in this segment, including the likes of WeWork India, CoWrks, Awfis
and Smartworks.
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