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Co-working space provider 91springboard has raised ₹45 crore funding from its existing investors, Pearl Brook Holdings Ltd and Al Nour International Holdings Co. With this round, the total funding raised is $43 million.
As soon as the lockdown was announced, 91springboard paused its billing cycle on membership plans, offering its members some ease and relief in these troubled times. It launched two key initiatives to assist its members during the lockdown.
The Start-ups vs Covid initiative consolidated all efforts being taken by investors, government departments, and stakeholders in the start-up ecosystem to support start-ups tackling issues pertaining to Covid-19.
It also launched 91slive, a user-engagement platform which offers information ranging from learning and knowledge (professional and personal) workshops, health and wellness stories and Covid updates.
Office spaces reopening
Anand Vemuri, CEO, 91Springboard, said, “91springboard is one of few co-working players that has been profitable on a company level. Being a people-first organisation, 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 ₹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.”
Elaborating further, he said, “We have reopened 14 of our 27 co-working 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 encouraging response from our members with nearly 60 per cent of members returning or committed to return soon to our co-working spaces. We have also witnessed 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.”
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, and Cardekho among others. Besides 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 co-working industry is likely to witness short-term challenges in the coming months given Covid 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.
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