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Innov8 Workspaces Unlisted Shares
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Fundamentals About Innov8 Workspaces
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Key Financials of Innov8 Workspaces
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 2157 | 3687 | 5268 | 11445 |
| Cost of Material Consumed | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | 100 | 100 | 100 |
| Employee Benefit Expenses | 209 | 209 | 230 | 389 |
| Other Expenses | 1300 | 1955 | 2416 | 4450 |
| EBITDA | 648 | 1523 | 2622 | 6606 |
| OPM | 30.04 | 41.31 | 49.77 | 57.72 |
| Other Income | 712 | 344 | 1755 | 391 |
| Finance Cost | 617 | 663 | 1276 | 3072 |
| D&A | 762 | 1084 | 2039 | 4241 |
| EBIT | -114 | 439 | 583 | 2365 |
| EBIT Margins | -5.29 | 11.91 | 11.07 | 20.66 |
| PBT | -19 | 119 | 1062 | -316 |
| PBT Margins | -0.88 | 3.23 | 20.16 | -2.76 |
| Tax | 0 | 0 | -2708 | -432 |
| PAT | -19 | 119 | 3770 | 116 |
| NPM | -0.88 | 3.23 | 71.56 | 1.01 |
| EPS | -0.19 | 1.19 | 37.7 | 0.05 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 30.04 | 41.31 | 49.77 | 57.72 |
| Net Profit Margin | -0.88 | 3.23 | 71.56 | 1.01 |
| Earning Per Share (Diluted) | -0.19 | 1.19 | 37.7 | 0.05 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 1609 | 5075 | 13371 | 4771 |
| CWIP | 0 | 0 | 111 | 3115 |
| Investments | 0 | 0 | 0 | 2709 |
| Trade Receivables | 179 | 383 | 486 | 2418 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 4719 | 5270 | 9283 | 51419 |
| Total Assets | 6507 | 10728 | 23251 | 64432 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 100 | 100 | 100 | 2543.4 |
| FV | 1 | 1 | 1 | 1 |
| Reserves | -12887 | -12712 | -8946 | 3609 |
| Borrowings | 202 | 0 | 0 | 3739 |
| Trade Payables | 6813 | 6855 | 10627 | 6887 |
| Other Liabilities | 12279 | 16485 | 21470 | 47653.6 |
| Total Liabilities | 6507 | 10728 | 23251 | 64432 |
About Company
Innov8 Workspaces, founded in 2015 and acquired by OYO in 2019, is a major Indian flexible workspace provider with 30+ centers across 10 cities and >90% occupancy. Operating as a public unlisted company, it offers managed,,, premium co-working spaces to startups and corporates. Recent corporate actions in late 2024 and early 2025 (rights issues, splits, bonuses) significantly increased total outstanding shares to 25.43 crore.
The following table shows a 10-point analysis of Innov8 Workspaces India Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Founded 2015 · Co-working operator | Premium flexible workspace provider offering managed office spaces to startups, SMEs, and large enterprises. |
| Industry & Market Position | Flex workspace segment | Operates in the rapidly growing managed office and co-working space market in India. |
| Ownership | Subsidiary of OYO Group | Backed by the hospitality technology platform OYO, providing operational and technology support. |
| Operational Presence | 30+ centres in 10 cities | Presence across major cities including Delhi NCR, Mumbai, Pune, Bengaluru, Hyderabad, and Chennai. |
| Capacity & Utilisation | 90%+ occupancy | High seat utilisation across locations driven by demand for flexible workspaces. |
| Workspace Footprint | 1.2+ million sq ft | Large network of managed offices and co-working centres across India. |
| Client Base | Startups, corporates & SMEs | Serves thousands of professionals including technology firms and large enterprises. |
| Business Model | Asset-light expansion | Focus on landlord-led capex and managed workspace operations for capital-efficient growth. |
| Valuation Indicator | Around ₹1,000 Cr valuation | Recent stake sale in the private market reflects strong investor confidence. |
| Growth Outlook | Expansion to 100 centres | The company plans aggressive expansion across major urban markets in India. |
Company Overview
(i) Innov8 Workspaces India Limited was founded in 2015 by Ritesh Malik as a premium co-working and managed office space provider in India.
(ii) The company offers flexible office solutions including co-working desks, private offices, enterprise suites, and meeting spaces designed for startups, freelancers, and corporates.
(iii) Innov8 operates more than 30 centres across 10 major Indian cities, including Delhi, Gurugram, Mumbai, Pune, Bengaluru, Chennai, Ahmedabad, Hyderabad, and Indore.
(iv) The company maintains over 90% occupancy levels across its centres, indicating strong demand for managed workspaces after the shift towards hybrid working models.
(v) Innov8 is part of the OYO Group, benefiting from the parent company’s hospitality technology platform and operational expertise to scale its workspace network.
Challenges in Innov8 Workspaces India Limited’s Business
- Dependence on office leasing demand: The company’s occupancy and revenue depend heavily on demand for flexible office spaces from startups and enterprises.
- Real estate cost pressures: Expansion requires access to high-quality commercial real estate in major cities, which may increase operational costs.
- Economic and workplace trends: Changes in workplace strategies or slower startup growth could impact demand for co-working spaces.
Financial Review of Innov8 Workspaces India Limited
Here are some highlights of the financial performance of Innov8 Workspaces India Limited over the past few years.
FY25 Performance
• Revenue nearly doubled to about ₹123 crore during the year.
• EBITDA improved significantly to around ₹70 crore.
• Profit after tax reported around ₹7 crore.
• Growth driven by higher seat pricing and strong occupancy levels.
FY24 Performance
• Revenue reported about ₹75 crore during the financial year.
• Profit after tax recorded around ₹62 crore including exceptional items.
• Strong profitability supported by high occupancy levels across centres.
• Expansion in major metro cities supported revenue growth.
FY23 Performance
• Profit after tax reported around ₹2.5 crore.
• The company strengthened its workspace portfolio across major cities.
• Occupancy levels improved with rising demand for hybrid workspaces.
• Business growth supported by enterprise clients adopting flexible offices.
Quick Summary
Innov8 Workspaces India Limited is a fast-growing managed office space provider in India. Backed by OYO Group, the company operates a network of premium co-working centres across major cities and serves startups as well as large enterprises. With strong occupancy levels, rising demand for hybrid workspaces, and ongoing expansion plans, Innov8 is positioned to benefit from the growing flexible workspace industry.
Click Here to visit the official website of Innov8 Workspaces India Limited.
Promoters of Innov8 Workspaces India Limited
The following are the active promoters / leadership associated with the company:
| Name | Designation | LinkedIn Profile |
|---|---|---|
| Ritesh Malik | Founder | View Profile |
| Ritesh Agarwal | Promoter (OYO Group) | View Profile |
Shareholding Pattern of Innov8 Workspaces
| Name | Holding |
|---|---|
| OYO Hotels And Homes Private Limited | 88.29% |
| Others | 11.71% |
Promoters of Innov8 Workspaces
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Ritesh Malik | CEO | 15+ |  |
| Shailesh Gupta | COO | 15+ | |
| Pankhuri Sakhuja | Whole Time Director | 12+ | |
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Frequently Asked Questions
Innov8 Workspaces India Limited unlisted shares are equity shares of Innov8 Workspaces India Limited that are not listed on NSE or BSE and are traded privately in the unlisted share market.
Yes, investors can buy Innov8 Workspaces India Limited unlisted shares through private market platforms that facilitate transactions in unlisted securities.
Yes, an active demat account is required to hold and receive Innov8 Workspaces India Limited unlisted shares.
Yes, Innov8 Workspaces India Limited unlisted shares can be sold in the private market before a potential IPO depending on buyer availability.
Yes. If Innov8 Workspaces India Limited gets listed in the future, pre-IPO investors are generally subject to a six-month lock-in period after listing as per SEBI regulations.
If Innov8 Workspaces India Limited shares are held for more than two years, gains are taxed at 20 percent with indexation. If sold earlier, gains are treated as short-term capital gains and taxed according to the investor’s income slab.
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