Indian hospitality unicorn Oyo said it has struck a deal to purchased local co-working business Innov8.
Oyo will pay US$30 million in an all-stock deal, according to one person familiar with the matter.
The acquisition will be integrated into the new business unit Oyo Workspaces which it recently set up.
New Delhi-based Innov8 offers upmarket shared workspaces.
In a bid to diversify, Oyo plans to open more than 20 shared workspace properties in more than 10 cities across India.
The business will offer three tiers of co-working real estate – economy, mid-scale and upper mid-scale.
Oyo raised more than $1 billion last year lead by majority investor Softbank.
Japan based Softbank is also a major backer of WeWork, which will be Oyo’s major rival in the co-working space.
