ⓘ Featured Image: Anand Vemuri, CEO of 91springboard; Credits: The Hindu Businessline
One of the most famed co-working space provider in India, 91spingboard has earlier today announced that it has raised INR 45 crore (around $60 million) from California-based Pearl Brook Holdings Ltd and Kuwait-based Al Nour International Holdings Company.
The co-working space sector has been witnessing a steep downfall ever since the COVID-19 lockdowns were implemented. Still, 91sringboard took initiatives to support its members during the period, such as the launch of 91slive, a platform that offers professional and personal workshops, health & wellness story sharing and COVID-19 updates.
Commenting on the development and creating the ground for 91slive, Anand Vemuri, CEO of 91Springboard in a statement 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.”
He also shared how 91springboard is projecting its return as the COVID-19 lockdown in India is being eased-up,
“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 has a strong client base that also encompasses renowned brands and startups like Zomato, TataSky, OlX, IndiaMart, Mahindra Retail, Groww, Marsh 1MG, Cardekho and many more.
Apart from providing co-working spaces, 91springboard also offers strategic partnerships, registered office facilities and access to pan-India pool of business opportunities.
