Innov8 Case Study - Business Model, Founders, Competition, Funding, Services

Today with this article we will proceed with our article arrangement in which we talk about the case study and business model of various new companies and huge organizations. So today I am with you with another new business and we will discuss INNOV8 Case Study – Business Model, Founders, Competition, Funding, Revenue, Investors

In India, startup culture is on the boom and we can see a significant rise in this world. The most important thing we see in startup culture is they face difficulty in setting up an office. The real estate prices are so high that they cannot get decent space and infrastructure to get the work done.

So to fill this demand the Ritesh Malik along with Shailesh Gupta, Sumit Ranka a void in this space and tried to fill it by providing offices to new startups.

It was started with a slow pace but later on alike all other successful startups it gained pace.

Innov8 Case Study - Coworking Spaces

We will talk about all journeys from starting Innov8 from scratch to be being acquired by OYO Workspaces on 15 March 2019. You will find many insightful things altogether. They were acquired by OYO at $ 30 Million.

Now they are working under the subsidiary of OYO Workspaces. Still, it is in strong heads.

Innov8 Case Study

If you are unknown about Innov8 then let’s dip deep down in this world and see the glimpse of co-working space. In this space, the most familiar thing that we see is the locations and workspace. The headquarters of Innov8 is located at Connaught Place, New Delhi.

Innov8 is the leading Indian CoWorking Startup. They provide you with a beautiful and premium workspace, where people can create, connect and grow their businesses at prime locations in 8 cities.

If you are Entrepreneurs, freelancers, corporates, employees and Startup enthusiasts and need beautifully crafted workspaces at the lowest prices then INNOV8 is the best option for you.

When we talk about the co-working space then the first thing we see is the environment and expenses of the Co-working space.

Innov8 was founded in 2015. Their main vision was to provide a good rented office to startups at affordable prices.

Most of the startups do not have a solid and dedicated founding team but this was another case where it was backed by a strong team.

Their main vision to run this startup and work on this idea is to make provide a launchpad to every dream. Innov8 is available in almost all major cities across India.

Their Coworking offers beautifully crafted workspaces where people can create, connect, and grow their businesses in central districts across prime business centres.

They are available at 16 centres pan-India, Innov8 is driven by a mission to reinvent coworking in India by providing state-of-the-art solutions curated to give you the best-shared office experience.

They help you to work alongside the brightest teams and collaborate in contemporary and spacious office spaces, curated to inspire productivity.

Innov8 Founder

Innov8 was founded by Ritesh Malik, Shailesh Gupta, Sumit Ranka. They founded it in 2015.

Innov8 Case Study - Innov8 Founders

Dr Ritesh Malik is an Indian doctor, entrepreneur and investor. He runs a virtual Startup Accelerator in India. He is interested in the startup world so he is currently investing in and mentoring 11 startups across various industries.

Ritesh is a medical graduate from Dr MGR Medical University Tamil Nadu. He did his MBBS from a rural medical college, Theni, and his internship at Ganga Ram Hospital in Delhi.

Ritesh comes from a well to do family and his parents are doctors. His father is a paediatrician & mother is a gynaecologist.

They also have a secondary healthcare hospital in Delhi called Radix Healthcare. Ritesh also studied for a short time at the London School of Economics and completed a semester at Harvard University.

Ritesh has a passion for startups and found it to be exciting. They give you a kick & are dynamic. The most fascinating thing Ritesh figure out of the list of Forbes 500 richest people only 2-3 are doctors.

The issue with being a medical doctor is the lack of a huge customer base.

Ritesh Malik, taking the road less travelled seems to have made all the difference. After launching Innov8 in Delhi in January 2016, Ritesh worked on his startup very passionately.

He took 105-seater office space in the heart of Connaught Place to the recently launched 50,000 square foot campus in Gurugram, which is its 13th workspace, Innov8’s growth seems to be on the right track for growth.

They are growing at a very rapid pace under Ritesh malik entrepreneurial vision. The firm is now looking to launch a centre in Hyderabad, which will be about 80,000 sqft.

Shailesh Gupta is co-founder of Innov8 along with the other two. He is Forbes 30 Under 30. Currently, He is now working as the CEO of Yolobus. He graduated from IIT Kharagpur. He served innov8 from Dec 2015 to July 2018.

Innov8 Business Model

After reading much about Innov8 case study and Innov8 founders let’s talk about Innov8 Business model.

Innov8 operates on an asset-light model, they lease a property and then convert it into working spaces for up to 10 years. Its co-working centres are typically spread over 22,000-27,000 sq ft.

Innov8 Case Study - Innov8 Business Model

They are targeting to expand their business and the services they provide. The startup will be targeting campuses of 50,000 sq. ft, going forward.

“Our focus is on doing larger campuses because we feel that if we do larger campuses in a particular area, the economies of scale will kick in and we end up making more money out of it, as well as the community building factor plays along with it,” said Mallik.

Innov8 also aims to provide healthcare facilitates to its employees. “We will be going for an Innov8 Cafe where we will offer fibre-healthy food along with beverages such as luxury green teas and coconut water to our clients.”

Innov8 provide you following things in their umbrella –

1. Hot Desk

This desk is basically based on first come first serve. Entrepreneurs, digital freelancers who have short space to work from can utilise Hot desks. Hot desks are designed for professionals to work, connect, collaborate and innovate.

Pricing: They charge you on the basis of per person.

Complimentary Services: They provide you with one hour of meeting room usage, twenty printouts, unlimited hot and cold beverages. 

2. Private Office

Innov8 provide private office service for people who want to create great products and services. Private offices service is a fully furnished and well-designed office workspace.

This all space can be used by a team that ranges from 3 to 100. If you need a whole cabin for your team private office services is perfect for you.

Pricing: They charge you on the basis of per person.

Complimentary Services: In this, they provide you access to meeting rooms, conference rooms, recreational areas, reception centre along with a housekeeping staff that is present 24*7

3. Meeting Rooms –

For conducting the interview and business review meeting they provide you noise-proof glass cabins, modern AV kit, ergonomic chairs, in-room beverages service and much more. Hi-speed WiFi whiteboards, print out services they provide you almost everywhere.

Pricing: They charge you on the basis of Time(Per Hour).

Complimentary Services: In this, they provide you access to meeting rooms, conference rooms, recreational areas, reception centre along with a housekeeping staff that is present 24*7

4. Conference Rooms –

Available by the hour and can be booked online. Noise proof glass cabins, modern AV kit, ergonomic chairs, in-room beverages service and much more, Hi-speed WiFi whiteboards, print out services.

Pricing: They charge you on the basis of Time(Per Hour).

Complimentary Services: In this, they provide you access to meeting rooms, conference rooms, recreational areas, reception centre along with a housekeeping staff that is present 24*7

5. Event Spaces –

For hosting important sessions, fireside chats, book launches, innovation talks and many other activities with ease.

Space to Accommodate up to 300-400 pax as per the locations. Hi-speed wifi, projector screen & Audio/video Communication system, Videography and photography with live feed services across social media channels.

Pricing: They charge you on the basis of Time(Per Hour).

Complimentary Services: In this, they provide you access to meeting rooms, conference rooms, recreational areas, reception centre along with a housekeeping staff that is present 24*7

Innov8 Funding

The odds of success also comes in favour when you are backed by a strong group of investors. Since the beginning, Innov8 has caught investors’ attention. Today, if you want to scale up your startup and gain market share then you need handsome funds.

For collecting funds in the initial stage you should have a good plan and good vision so that you can attract investors. The investors invest in the capability and vision of your company.

The company is backed by high profile angel investors including –

  • Vijay Shekhar Sharma, Founder, Paytm
  • Rajan Anandan, Head, Google India
  • Anand Chandrasekaran, Global Director of Platform and Product Partnerships, Facebook
  • Girish Mathrubootham, Founder and CEO of Freshworks, among others

Innov8 is a Y- Combinator-backed company that offers coworking and shared office spaces.

Innov8 Competition

There are nowadays many competitors in every field. If we talk about the competition on Innov8 they are 91Springboard, COBOX, ONECO, SproutBox, CoWorks, Workingdom, Awfis, BHIVE, my HQ and Instaoffice.

Innov8 Case Study - Innov8 Competition

Almost all of them works to provide you with co-working space. The services innov8 provides you are like –

  • Refreshments
  • Breakout zone 
  • Meeting room
  • Printing services
  • Hi-speed WiFi Internet
  • Mail Handling
  • Rooftop Garden 
  • 24*7 access

These services you can get in competition also but it is not sure that you get all the facilities at one place. Their service and management are also far better.

They are working rigorously to make Innov8 a better coworking space.

Final Words

At last, we understand many things about Innov8 Case Study – Business Model, Founders, Competition, Funding, Services so if you have any query let me know in the comment section.

This co-working space industry is on the boom, if you want to take the services of Innov8 then you must try, they are now backed by OYO.

Sometimes back they were acquired by the OYO group. The innov8 founder Ritesh Malik can be your inspiration you should read about him more if you want to learn about the entrepreneurship journey.

The business model is also good for Innov8 if you want to give out any review then don’t forget to write it out in the comment section.

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