OYO has finally announced the acquisition of coworking firm Innov8 in an all-cash deal. According to an email sent to OYO employees by Rohit Kapoor, Chief Executive Officer of new real estate businesses. The company will be opening up several centres under brand names – PowerStation and WorkFlo.
The report had exclusively reported last month about OYO is opening up 1,000 plus seater PowerStation centre in Pioneer Square complex on the Golf Course Extension Road.
Instead of killing the Innov8 brand, OYO would support it in its independent functions and the process of launching more centres.
With this acquisition of Innov8 and announcement of two coworking brands – WorkStation and WorkFlo, OYO would be competing with WerWork, Coworks and Awfis amongst several others.