Co-working space provider 91springboard raises fresh funding

By Narinder Kapur

  • 23 Jun 2020

91 Springboard Business Hub Pvt. Ltd, which operates co-working space provider 91springboard, has raised Rs 45 crore (approximately $5.93 million at current exchange rates) in a fresh round of funding.

The Delhi-based company said in a statement it has raised the capital from its existing investors. However, it did not disclose their identity.

Per VCCEdge, the data research arm of Mosaic Digital, backers of the company include Khattar Holdings Pte Ltd and several angel investors.

The company said it will use the funds to offer customized solutions to help its customers adapt to a post-COVID-19 environment. “We have reopened 14 of our 27 coworking spaces across India,” Anand Vemuri, co-founder and CEO at 91 Springboard, said.

“We have received an encouraging response from our members with nearly 60% of members returning or committed to return soon to our co-working spaces,” he added.

91springboard was set up in 2013, with its co-founders including Vemuri, Deepak Sharma, Pranay Gupta and Varun Chawla. The company says it aims to provide workspaces that promote collaboration and knowledge-sharing. It currently has a presence in cities including Mumbai, Bengaluru, New Delhi, Hyderabad, Noida and Pune.

The company says its clients include firms such as Zomato, OLX, TataSky, Cleartrip, IndiaMart and Groww.

In September 2017, 91springboard raised an undisclosed sum of money from Sandway Investment Ltd, Pearl Brook Holdings, AMA Holdings, Silo Holdings and Al Nour. At the time, the company said the infusion took its total funding to over $20 million.

It is among the several startups operating in the co-working space, including WeWork’s India unit, Awfis, CoWrks, and GoHive.

In August last year, the Delhi-based Awfis Space Solutions Pvt. Ltd said it had closed a Series D fundraising round of $30 million (around Rs 212 crore). The round was led by private equity firm ChrysCapital, with participation from Sequoia and The Three Sisters: Institutional Office.

Also in August, co-working startup GoHive raised Rs 2.5 crore (around $359,175) in a pre-Series A funding round. In July, the SoftBank-backed OYO Hotels & Homes acquired co-working space provider Innov8 to expand in the fast-growing segment. The move was part of the hospitality unicorn’s strategy of entering new areas to diversify its operations.

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