India, June 20 -- OYO-owned Innov8 has reportedly sold 3% stake in the company at INR 1,000 Cr valuation to expand its flexible workspace.

A PTI report, citing sources, said that Raymond family office has emerged as the lead investor, acquiring nearly 2% share.

In January this year, Innov8 closed its primary funding round of INR 110 Cr, 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. Back then, it said that the issue was oversubscribed by 2.7X.

Inc42 has reached out to Innov8 for comments on the development. ...