[Funding alert] 91springboard raises Rs 45 Cr in fresh round from existing investors

The coworking space provider said it plans to utilise the funds by offering new-age and customised solutions that will help all its members adapt to the new normal.

23rd Jun 2020
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91springboard, a Goa-based coworking space provider, has raised Rs 45 crore in a fresh round of funding from its existing investors. 


Anand Vemuri, CEO, 91springboard said, 


“91springboard is one of few coworking players that has been profitable on a company level. We have secured funding of Rs 45 crore from our existing investors and we plan to utilise it by offering new-age and customised solutions that will help all our members adapt to the new normal.”


We have reopened 14 of our 27 coworking spaces across India. These 14 office spaces are located in Delhi NCR, Gurugram, Noida, Bengaluru, Hyderabad, and Goa. The rest of the spaces will reopen soon based on government advisories and our own assessment of health and safety. We have received an encouraging response from our members with nearly 60 percent of members returning or committed to return soon to our co-working spaces. We have also witnessed a 2X growth in demand from large enterprise teams as they are now looking for benefits like flexibility, PAN India access, strategic partnerships and much more,” Anand further added.


Funding



Founded in 2012, 91springboard counts firms like Zomato, OLX, TataSky, Cleartrip, SleepyCat, IndiaMart, Mahindra Retail, Groww, Marsh, Datamatics, 1 MG, Cardekho, etc., among its clients. Besides offering office space, it also provides offers like strategic partnerships, registered office facilities, and access to a PAN India network for business opportunities. 


The company launched two key initiatives to assist its members during the lockdown. Its Startups vs Covid initiative consolidated all efforts being taken by investors, government departments, and stakeholders in the startup ecosystem to support startups tackling issues pertaining to COVID-19. It also launched 91S Live, a user engagement platform, which offered information ranging from learning and knowledge (professional and personal) workshops, health and wellness stories, and COVID-19 updates.  


As per the recent CBRE report, while the coworking industry is likely to witness short-term challenges in the coming months given COVID 19 restrictions, the co-working sector’s long-term fundamentals remain sound. Many reports suggest that the sector may show robust growth in the coming quarters with large enterprises opting for flexible workspace solutions.


The other players operating in this space include WeWork, CoWrks, Awfis, OYO WorkSpaces, and InstaOffice among others. Earlier this month, WeWork India, which is owned by the Embassy Group, raised $100 million from WeWork Global for sustainable growth of its business.

(Edited by Megha Reddy)

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