Innov8 reports net profit of ₹62 crore in FY 2024

New Delhi, December 11, 2024: Flex space startup Innov8 has reported a Profit After Tax (PAT) of INR62 crore in FY 2024, including one-time exceptional items compared to INR 2.5 crore in FY 2023. Innov8 is now one of the only two net profitable companies in the flex space business.

Innov8 currently operates over 45 centres spanning 17,000 seats across 10 major cities including Delhi-NCR, Mumbai, Bengaluru and Hyderabad. It is planning to double its centers in 2025 shifting towards bigger centers with the seat capacity expected to expand to over 50,000, a 3x increase.

The company is raising INR100 crore to accelerate its operations in 2025. 

The demand for coworking spaces is growing in India. A report by private equity company Avendus says that India’s workspace market is projected to reach 126 million square feet (msf) by 2028, up from 61 msf in 2023.