India, Jan. 28 -- Two months after sharing its fundraising plans, OYO-backed coworking space Innov8 has closed its primary funding round of INR 110 Cr ($12.7 Mn), led by a clutch of prominent family offices, at a valuation of INR 1,000 Cr.

The family offices that participated in the round included Mankind Pharma, Gauri Khan, Rupa Group and Jagruti Dalmia.

The company diluted 10% of its stake, facilitated by InCred, to raise the capital. It said in a statement that the issue was oversubscribed by 2.7X.

Innov8 plans to use the capital to fund acquisitions, technology upgrades, partnerships, and expansion into niche segments.

"The funds raised will empower Innov8 to accelerate our expansion plans, building on the strong growth and operat...