OYO-Owned Innov8 Q1 Revenue Jumps 58% to Rs 38 Crore, EBITDA Soars to Rs 8 Crore

New Delhi, September 30: OYO Group-owned co-working company Innov8 reported a strong performance in the first quarter of FY26, with revenue rising 58 per cent year-on-year to Rs 38 crore on the back of growing demand for managed office spaces. Last year at this same time, revenue totaled Rs 24 crore.

Enhanced Profitability

Innov8’s EBITDA rose to Rs 8 crore in the quarter ended June from Rs 3 crore a year earlier. Innov8 cited its asset-light approach, optimal scaling, and cost discipline as key drivers of profitability. In FY25, Innov8 had recorded revenues of Rs 123 crore, up from Rs 75 crore in FY24. EBITDA in FY recorded a rise to Rs 70 crore from Rs 47 crore, and profit amounted to Rs 7 crore.

Growth Drivers

The company attributed the revenue rise to higher realisations per seat. The average monthly membership revenue (AMMR) per seat rose 21 percent year-over-year to Rs 10,000.

Pankhuri Sakhuja, Business Head of Innov8, added that the company’s strategy is to expand vigorously, and it expects to double its centres in FY26. “We are aiming to ramp up development in high-density business districts in India’s major metros as well as upgrading enterprise-grade offerings such as private suites and managed offices,” she added, saying that its Mumbai Metropolitan Region will be a special focus area.

Growth and Market Outlook

Innov8 was established in 2015 and currently has more than 50 centres with 24,000 seats in 1.2 million sqft across cities such as Delhi NCR, Gurugram, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore.

In an earlier June 2025 fundraiser, Innov8 sold a 3 percent stake at a valuation of Rs 1,000 crore to raise funds for business expansion. Industry data from real estate advisory Vestian reveals that co-working players will control as much as 100 million square feet of office space by 2026, representing enormous development potential within the segment.

Disclaimer:  At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations