91springboard, India’s first and most established coworking space provider, has announced the completion of a funding round from Sandway Investment Ltd, Pearl Brook Holdings, AMA Holdings, Silo Holdings and Al Nour. This takes the total funding raised by the company to just over $20 million.
“We’ve seen the demand for our coworking spaces grow rapidly in the last two years, from startups, freelancer and large enterprises alike. 91springboard has grown very quickly in this time – our 14 hubs went live this week - and we will use these funds to further ramp up our growth, and bring our offer of increased productivity, collaboration and growth to customers in more areas and markets”, said Anand Vemuri, founder and CEO of 91springboard. “A larger network of hubs gives our community clear benefits – a larger and more collaborative ecosystem, more events, even better value added partnerships with service providers, and access to a larger network of mentors and partners.”
“Many of our investors are entrepreneurs who have managed massive global businesses themselves. It is amazing to have access to their experience. Our board meetings are very constructive and the investors are aligned with us on the thought of a long term vision of building a community. This is one reason why we feel we have been able to strike the right balance between growth and profitability.”
91springboard is a leader in the coworking space in India, with over 2000 companies working out of 91springboard’s hubs. The list includes, apart from startups, investors like 500startups, pi Ventures, Mumbai Angels, large international companies like Tokopedia and CBRE, and well-funded companies like Rivigo. The company is also one of the select few incubators picked by Niti Aayog under the Atal Innovation Mission for scale up support. It has the largest community among coworking spaces in India, and organises over 100 proprietary and partnered events every month, which include workshops, seminars, speaker series and networking events.
The company began its operations in Delhi in 2013, setting up the first coworking space in India, and has since then grown to 7 cities with hubs in Delhi, Gurgaon, Noida, Hyderabad, Bangalore, Navi Mumbai and Mumbai. It is the biggest among the organised coworking operators, with a capacity exceeding 9500. Each of the established hubs is a profitable business unit. The company is also opening a hub in Goa soon.
Interest in coworking spaces is at an all-time high in India, with even large corporates and MNCs moving rapidly to such spaces. “No setup costs, no hassles, no facility management. We take care of all these issues and provide our members with an enabling ecosystem and community, so they can focus on what they’re best at, and grow rapidly,” added Vemuri.