Indian hotel chain operator OYO is nearing to buy Innov8, a co-working space company, for approximately 200 crore rupees ($28 million) in an all-cash transaction.

In August last year, OYO acquired Indian wedding company Weddingz.in.

Annually, OYO generates $400 million in revenue whereas Innov8 Coworking generates $1 million in revenue.

OYO has bagged approximately $1.16 billion across 10 funding rounds.