Co-Working Space Provider 91Springboard Lands Rs 45 Crore In Fresh Funding


91springboard, the Gurgaon-based co-working firm has bagged a whopping 45 crore in a fresh round of financing amid the ongoing global pandemic. The existing backers of the firm, Pearl Brook Holdings Ltd and Al Nour International Holdings Co. led the latest financing. The firm had previously raised capital from the likes of FreakOut Holdings, Anthill, 33 Investments, NITI Aayog, Sandway Investment Ltd, A Holdings, and Silo Holdings.

91Springboard was founded in 2012 by Anand Vemuri, Deepak Sharma, Pranay Gupta, and Varun Chawla. The firm opened its co-working space first in Delhi and then quickly expanded all over the country with offices in all the major cities of the country. The firm counts big names like Zomato, OLX, TataSky, Cleartrip, Mahindra Retail, and Cardekho among its clients apart from the individual freelancers and small-sized startups.

Notably, as soon as the nationwide lockdown was announced, the firm offered some respite to its users by not sending them any invoices. And now, the current funding is a testament shown by the backers for all the good work that the firm is doing.

Anand Vemuri, the CEO of the firm talking about how the firm will go about the current capital said that "We plan to utilize the funding by offering new-age and customized solutions that will help all our members adapt to the new normal."

On how the firm plans to return to normal, Vemuri revealed that "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 an encouraging response from our members with nearly 60% of members returning or committed to return soon."

Now, with a decent chunk in the pocket and as the country tries to get back to normal, it will be interesting to see how the firm goes on about its business.


Image courtesy: 91Springboard

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