The company OYO never stays out of the international news for long. This time the Indian makes a double hitter.
Co-working is the latest trend. Working methods and styles are evolving and it is time for the the places people work to do the same. The co-working champion is the American company Wework, which began this adventure nearly 10 years ago and is currently preparing to enter the stock exchange.
Two European firms from the hospitality sector have positioned themselves on this market: Covivio and Wojo. Covivio launched Wellio at the end of 2017. The French firm positions itself in pro-working which the brand defines as "the best of co-working with a responsive answer designed to constantly adapt to customer needs, without compromising in terms of comfort of the spaces and quality of services." The goal is to reach 35,000m² of spaces by 2022.
The other French player, Wojo is the result of a joint between Accor and Bouygues Immobilier, which recently revised its brand identity to shift into high speed.
It comes as no surprise that the young Indian brand Oyo, whose growth has stirred up international hotel groups, is strengthening its position in co-working. In the midst of this growth phase, the brand bought its compatriot Innov8, which was selected by Y Combinator, a famous Silicon Valley accelerator. The amount of this investment is $30million. It recently launched the product Oyo Works paces.
Meanwhile, Ritesh Argawal founder of Oyo, reinvested 2 billion dollars its company, bringing his firm from 10 to 30% of the capital. In this regard, he declares: "I am deeply humbled and delighted to have gotten the support of all our investors, the board and above all the institutionalized financial partners that have provided the necessary financial support towards realizing this vision. Needless to say, the deal remains subject to shareholder and regulatory approvals."