LetsVenture, Venture Catalysts lead funding in co-working space Innov8

New Delhi-based Guerrilla Infra Solutions Pvt. Ltd that runs co-working space Innov8 has raised an undisclosed amount in an angel round led by online deal-making platform LetsVenture and Mumbai-based seed investment platform Venture Catalysts, it said in a statement.

Other investors who participated in the round include Vijay Shekhar Sharma (Paytm), Rajan Anandan (Google), Kunal Shah (Snapdeal), Girish Mathrubootham (Freshdesk), Punit Soni (former Flipkart CPO), Anand Chandrasekaran (Facebook), Sunil Kalra (Via Projects), Utsav Somani (Angel List India) and Vishal Gondal (GOQii), Vikram Limaye (IDFC Bank) .

VCCircle had first reported in October 2016 that Innov8 is planning to raise a new round from nearly 20 investors and Punit Soni is investing in the firm.

"An increasing number of entrepreneurs, freelancers and SMEs in India need flexible office space. Besides offering world-class co-working spaces, Innov8 enables these individuals to become part of a collaborative community. Workshops, events and interactions with mentors and industry experts are huge enablers in fostering innovation and learning," said Shanti Mohan, founder and CEO of LetsVenture.

Guerrilla Infra Solutions was founded in 2015 by doctor-turned-investor Ritesh Malik and IIT Kharagpur alumnus Shailesh Gupta.

The company, run by a 20-member team, is headquartered in New Delhi. Innov8 also has centres in Chandigarh and Bengaluru, and is planning to add two centres in three months. It also provides legal and accounting services to startups.

Innov8 was selected by Silicon Valley-based incubator Y Combinator for its summer 2016 batch, along with Meesho, an app for sellers on Facebook and WhatsApp, and JustRide, a self-drive car rental app.

The co-working space has garnered a lot of investor interest lately. Last month, Gurgaon-based InstaOffice Business Solutions Pvt. Ltd, which runs a chain of business centres and co-working spaces, raised an undisclosed amount of funding in a pre-Series A round led by online venture capital platform Globevestor. Zishaan Hayath, co-founder of Toppr; Karan Chellani, managing partner at early stage VC firm SQUE Capital; and Mohit Satyanand, director of DFM Foods and chairman of Teamwork Arts also invested in the company.

Last September, CoLife Advisory Pvt. Ltd, which operates a network of shared living and working spaces under CoLive247.com and CoWork247.com, respectively, raised $1 million (Rs 6.7 crore then) in seed funding from a group of undisclosed angel investors.

Some co-working spaces such as Incuzspace and 91Springboard have turned incubators.