Oyo to open co-working centre in Mumbai

April 7, 2019

Oyo made its debut in the co-working market with the acquisition of Innov8, a co-working company with presence across four cities in India

SoftBank-backed Oyo Hotels & Homes has taken up 40,000 sq ft in VKG Corporate Centre at Andheri East in Mumbai, which it plans to develop into a co-working space for mid-scale startups and corporates.

The move comes days after Oyo introduced its co-working brand, Power Station, which seeks to offer customised services, private offices, and virtual working space. The Mumbai facility will start operations by the second quarter of this year.

An emailed query to Oyo remained unanswered till press time.

But Anuj Khetan, director at Vijay Khetan Group (VKG), confirmed the development. "It is a leave and licence agreement and it was registered on March 16," he said. "We expect that the deal will scale up to around a lakh sq ft in VKG Corporate Centre and 4-5 lakh sq ft in other properties of Vijay Khetan Group in the near future."

NYSE-listed real estate services firm CBRE was the intermediary for the deal. People aware of the development said the agreement is for nine years, with a lock-in period of five years. Emailed queries sent to CBRE did not elicit any response.

Oyo made its debut in the co-working market with the acquisition of Innov8, a co-working company with presence across four cities in India. The acquisition deal size is expected to be around Rs 200 crore.

Read more here.

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.

899

April 7, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Product Update July4
Product and Services Roundup: Cian, DomClick, Kleinanzeigen, Rightmove, iMyanmarHouse

We'll kick off this week's Product and Services Roundup with some nifty tools coming out of two Russian portals...  ...

Read More
People Roundup 4July 1
People Roundup: REA India, Lifull, REA Group, Rightmove

This week's People Roundup starts with a major C-Suite appointment in India...   Asia: REA India confirms new CEO appointment...

Read More
BCG Generic 2
Baltic Classifieds Group Sees 15% Revenue Growth in Yearly Results

The online classifieds operator Baltic Classifieds Group (BCG) has reported 15% revenue growth for the 12 months ended April 30th....

Read More
redfinrocketacq 3
Rocket Companies Completes $1.8Bn Redfin Acquisition

Rocket Companies has finalized its acquisition of Redfin for a reported $1.8 billion, consolidating the most-trafficked brokerage site with the...

Read More

Editor's Pick