India’s largest hospitality chain OYO Hotels and Homes has plans to take over Gurugram-based coworking operator Innov8 for somewhere between ₹180 crore and ₹200 crore.
Delving into the flexible office sector is a natural move for OYO as the company has expanded its hotel and hospitality presence over the past 18 months.
“When it comes to co-working spaces in India, [a] majority of these are single properties with [a] single owner,” said Anil Joshi, founder and managing partner at Unicorn India Ventures. “This segment has been getting traction over the past three-four years, where bigger corporates are also beginning to use these spaces to do away with the hassle of maintaining a building, offer services, etc.”
This isn’t the first co-habitant leg that OYO has started. It currently runs OYO Life, a co-living company that offers millennials with rental housing. The coworking model is very similar economic characteristics to that of the coliving segment