Innov8 Workspaces Ltd
PRISM (OYO) group's co-working brand with about 50 centres across Delhi NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Pune and Chandigarh, riding India's flex-office boom.
Market cap
₹680 Cr
10.00 Cr shares
P/E ratio
151.11
Sector average 45
Book value
₹6.25
P/B 10.88
1-year return
-7.70%
52w ₹50 – ₹85
Currently 51% of the way through its 52-week range.
Indicative price history
1Y change
-9.87% ₹75 → ₹68
52-week band in this window: ₹66.34 – ₹75.65. Weekly indicative marks, not exchange-traded prices.
Key highlights
- About 50 premium co-working centres across seven Indian cities.
- Acquired by OYO in 2019; now a core brand of the PRISM group.
- Revenue growing more than 50% a year on our estimates, with EBITDA turning positive.
About Innov8
Innov8 was founded in 2015 by Ritesh Malik as a design-led co-working operator and was acquired by OYO (Oravel Stays, now PRISM) in 2019. It runs premium flexible workspaces – private cabins, managed offices, hot desks and meeting rooms – in Grade-A buildings in Delhi NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Pune and Chandigarh, and has been the fastest-growing part of PRISM's India business, with centre count roughly doubling to about 50 between 2023 and 2025.
The unlisted shares quoted here relate to the Innov8 workspace entity as offered by dealers; investors should confirm with the dealer exactly which legal entity and share class is being transferred, since Innov8 has historically been a wholly owned subsidiary of PRISM and any share offering would follow a carve-out or pre-IPO placement by the parent.
On our estimates the business generated about ₹60 Cr of revenue in FY24 and ₹100 Cr in FY25, growing more than 50% a year, with EBITDA turning positive as mature centres fill up. Growth is funded by the parent and by landlord-funded fit-outs under revenue-share leases; the company itself carries little debt but substantial lease liabilities.
Registry identifiers and several figures could not be verified against public sources at the time of writing; line items are reconstructed around reported or estimated totals; treat them as approximate. Share count and net worth are placeholders pending the entity's own filings.
Where the revenue comes from
- Managed offices and private cabins65%
Enterprise and SME clients on 1-3 year contracts
- Hot desks and dedicated desks20%
Individual and small-team memberships
- Meeting rooms, events and services15%
Day passes, event space, cafe and IT services
Products & services
Managed offices
Custom-built enterprise offices on multi-year contracts.
Co-working memberships
Private cabins, dedicated desks and hot desks.
Meeting rooms and day passes
On-demand space for teams and travellers.
What works
- • Strong demand for flex offices from GCCs, start-ups and enterprises shifting to managed space; India's flex stock has grown 20-25% a year.
- • Backing of PRISM (OYO) for capital, technology and cross-selling to hotel and corporate clients.
- • Asset-light model with revenue-share leases reduces capex per centre.
What to watch
- • Lease-heavy business: occupancy dips hit profits quickly because rents are fixed while desk revenue is variable.
- • Intense competition from Awfis, Smartworks, IndiQube, WeWork India and Table Space, several of which are now listed with deeper pockets.
- • Uncertainty about the exact entity and share class offered in the unlisted market, and dependence on the parent's strategy.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Innov8This page | ₹68.00 | ₹680 Cr | 151.11 | 10.88 | +62.22% |
| OYO | ₹23.40 | ₹21,185 Cr | 21.27 | 6.94 | +31.78% |
Latest reported year: FY25 ending 31 Mar 2025.