[Funding Alert] Co-working Operator 91springboard Raises INR 45 Cr In Fresh Round Of Funding
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Co-working space provider 91springboard on Tuesday announced that it has raised INR 45 crore from its existing investors—Pearl Brook Holdings Ltd and AI Nour International Holdings Co—in a fresh round of funding.
The startup claimed that it is one of the few co-working players that has been profitable at a company level.
Commenting on the funding, Anand Vemuri, CEO, 91springboard, said, “We have secured funding of INR 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.”
Currently, the Delhi based startup has reopened its 14 out of 27 co-working office spaces across the country. These 14 spaces are located in Delhi-NCR, Gurgaon, Noida, Bengaluru, Hyderabad and Goa. Vemuri in a company statement assured that the rest of the spaces will reopen soon based on the government advisories and their own assessment of health and safety.
The company claims that around 60 per cent of its members have returned or are planning to return to the work 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,” Vemuri added.
When the lockdown was imposed in the last week of March, 91springboard paused its billing cycle on membership plans. It launched two 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 which offered information ranging from learning and knowledge (professional and personal) workshops, health and wellness stories and COVID-19 updates.
Found by Vemuri, Deepak Sharma, Pranay Gupta, and Varun Chawla in 2012, 91springboard now provides working spaces for major brands such as Zomato, OLX, TataSky, Cleartrip, SleepyCat, IndiaMart, Mahindra Retail, and many more. Besides offering office space, 91springboard also provides exclusive offers strategic partnerships, registered office facilities and access to a pan-India network for business opportunities.