Co-working space provider Innov8 has named co-founder Shailesh Gupta its chief executive as part of a top management reshuffle. Co-founder Ritesh Malik, who was the CEO previously, will be the managing director.
The New Delhi-based startup, operated by Guerrilla Infra Solutions Pvt. Ltd, said in a statement that Gupta will now be responsible for spearheading strategy, partnerships and fostering new talent to support its expansion plans. Gupta was earlier chief operating officer at the company, its website shows.
The management change is in line with its growth plans, a company statement said. Innov8 recently opened its third branch in Bangalore and plans to add seven more centres in the next six months.
The company is operational in Delhi, Chandigarh and Bangalore. It plans to expand to five major cities by the end of this fiscal year, including Mumbai, Noida, and Gurgaon, the statement added.
The startup was founded in 2015 by doctor-turned-investor Malik and IIT Kharagpur alumnus Gupta.
Earlier this year, the company raised angel funding led by online deal-making platform LetsVenture and Mumbai-based seed investment platform Venture Catalysts. The round saw participation from angel investors, including Paytm founder Vijay Shekhar Sharma, Google India head Rajan Anandan, Girish Mathrubootham of Freshdesk as well as Punit Soni and Anand Chandrasekaran, former product heads at Flipart and Snapdeal, respectively.
VCCircle had first reported in October 2016 that Innov8 had raised funds from 20 investors, including Soni.
Innov8 was selected by Silicon Valley-based incubator Y Combinator for its summer 2016 batch. The batch also included Meesho, an app for sellers on Facebook and WhatsApp, and JustRide, a self-drive car rental app.
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