Flex space startup Innov8 posts 55% revenue growth in first quarter of FY26

New Delhi, September 30, 2025: Flex space startup Innov8 has delivered a strong start to FY26, reporting revenues of INR 38 crore in Q1, a 55 per cent jump from INR 24 crore in the same quarter last year. The company’s profitability also strengthened, with EBITDA surging to INR 8 crore from INR 3 crore in the corresponding period of FY25.

This momentum follows a solid FY25, when Innov8 nearly doubled revenue to INR 123 crore from INR 75 crore in FY24 and improved EBITDA to INR 70 crore from INR 47 crore in the same period. Importantly, Innov8 continues to distinguish itself as one of just two net-profitable players in the flex space segment, posting a profit of INR 7 crore in FY25.

A key performance driver was the improvement in average monthly membership revenue (AMMR) per seat, which increased by 21 per cent year-on-year to INR 10,000 approximately reflecting better pricing power, customer stickiness, and an evolving seat mix towards higher-yield formats.

This sustained momentum in Innov8’s revenue growth and profitability is driven by asset-light model that leverages landlord-led capex for capital-efficient expansion, and its ability to scale operations efficiently, maximise asset utilisation, and maintain disciplined cost management.

During FY25, the company also strengthened its corporate structure to support future growth. The authorised share capital progressively increased from INR 1.50 crore as of March 31, 2024 to INR 26.50 crore by March 31, 2025.

Further, Innov8 transitioned from a private limited entity to a public limited company. Commenting on the development, Innov8 Business Head Pankhuri Sakhuja said: “With a strong foundation and a clearly defined roadmap, we are looking for aggressive growth and confident of doubling our center in FY26. Our focus is on accelerating expansion in high-density hubs across India’s major metros and strengthening enterprise-grade solutions such as private suites and managed offices. We see significant potential in regions like the Mumbai Metropolitan Region and will continue to prioritise growth in these key markets.”

A report by real estate consultancy Cushman & Wakefield says that the demand for flexible workspaces in India has surged nearly sixfold over the past five years. To capture this momentum, Innov8 is also doubling down on technology adoption to drive operational efficiency and investing in vibrant, community-led workspace experiences that foster collaboration and growth.