Diversifying from the hotel and long-term lodging business, Oyo has acquired Singapore co-working space Innov8, sources said.

Oyo, which has more than US$1.1 billion in its balance sheet, reportedly spent between 1.5 billion (US$21.6 million) and 2 billion rupees (US$28.8 million) for the acquisition.

The hospitality firm aims to open more than 35 new co-working spaces in major metropolitans over the next year.

Taking on a similar concept to its accommodation business, Oyo plans to provide affordable office and workstation spaces.

It started two new co-working brands – PowerStation and WorkFlo – which will cater to a variety of startups and companies.

Currency converted from Indian rupees.

The text above is a summary, you can read full article here.