91springboard, India’s pioneer co-working space provider has recently raised Rs 45 crore funding from its existing investors. This funding, in the middle of unprecedented health and economic crisis, is a vote of confidence in 91springboard’s business model of creating vibrant coworking communities for large enterprises as well as SMEs and start-ups.
Anand Vemuri, CEO, 91Springboard said, “91springboard is one of few coworking players that has been profitable on a company level. Being a people-first organization, we have always supported our members in times of crisis, and we are happy that our work has been appreciated. We have secured funding of Rs 45 crore from our existing investors and we plan to utilize it by offering new-age and customized solutions that will help all our members adapt to the new normal”
He added, “We have reopened 14 of our 27 coworking spaces across India. These 14 office spaces are located in Delhi NCR, Gurgaon, 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% of members returning or committed to returning soon to our co-working spaces. We have also witnessed a 2 folds growth in demand from large enterprise teams as they are now looking for benefits like flexibility, PAN India access, strategic partnerships, and much more.”
As soon as the lockdown was announced, 91springboard immediately paused it’s billing cycle on membership plans offering its members some ease and relief in troubled times. It launched two key initiatives to assist its members during the lockdown. 91springboard’s 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 91slive, a user engagement platform that offered information ranging from learning & knowledge (professional and personal) workshops, health & wellness stories, and COVID 19 updates.
91springboard is the preferred choice of co-working for various brands like Zomato, OLX, TataSky, Cleartrip, SleepyCat, IndiaMart, Mahindra Retail, Groww, Marsh, Datamatics, 1 MG, Cardekho and many more. Besides offering office space, 91springboard also provides exclusive offers like strategic partnerships, registered office facilities, and access to a PAN INDIA network for business opportunities.
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.