INSUBCONTINENT EXCLUSIVE:
local co-working venture Innov8, as the SoftBank-backed hospitality chain looks to venture into the commercial real estate business under
the brand name Oyo Workspaces.Oyo will buy Innov8 for $30 million in an all-stock deal, a person with knowledge of the development said.The
person requested anonymity as the discussions surrounding the deal are private.Oyo's move comes as fellow SoftBank-backed shared office
space manager WeWork, part of The We Company, is gearing up for an IPO
Oyo Workspaces will directly compete with WeWork in India.The brand will open over 21 of its shared work spaces in more than 10 cities
across the country and it plans to expand presence to over 50 centres by the end of 2019, Oyo said in an emailed statement, without
disclosing the deal value.Gurugram-headquartered Oyo said it would offer three options of co-working real estate in the upper-mid scale,
mid-scale and economy categories.OYO, which raised $1 billion last year from investors, including SoftBank and ride-hailing firm Grab,
operates hotels in India, China, Britain, Dubai, Indonesia and Malaysia.The company's revenue jumped nearly three-fold in the last fiscal
year, and it said it expects revenue to more than treble every year for the next five years, as it expands locally and in international
markets.New Delhi-based Innov8 offers upmarket shared workspaces, where a private office costs as high as Rs 64,999 a month, while a desk is
sold for Rs 9,999 per month.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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