Oyo in talks to acquire Innov8 for Rs 200 crore

Oyo in talks to acquire Innov8 for Rs 200 crore
30/01/2019 , by , in News/Views

SoftBank backed budget hotel chain Oyo is in “very advanced” stages of acquiring co-working space company Innov8 for about `200 crore in an allcash deal, five people familiar with the development told a media outlet.

Oyo, flush with funds, has been scouting for deals in the co-working segment for a while, at the behest of SoftBank, the people said. “It’s an all-cash deal pegged around Rs 200 crore. Oyo is looking at co-living and co-working opportunities. That has been the mandate from SoftBank. It sounds like a feasible arrangement for both, as Innov8 had also been looking at funding or similar buyout opportunities,” one person said.

Oyo, founded by Ritesh Agarwal, has raised an estimated $1.16 billion across rounds and recently received $100 million from ride-hailing major Grab in the latest tranche of its ongoing $1-billion round.

The Gurgaon-based hospitality chain has been expanding rapidly overseas, including in China, and in November, named seasoned aviation executive Aditya Ghosh as its first chief executive for India and South Asia.

About admin

Loading...