91springboard raises Rs 45 cr from existing investors

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91springboard, a co-working space provider, on Tuesday said it has raised Rs 45 crore from its existing investors - Pearl Brook Holdings Ltd, Al Nour International Holdings Co, Almunajem Group and others.
a co-working space provider


New Delhi, Jun 23 (PTI)
 91springboard, a co-working space provider, on Tuesday said it has raised Rs 45 crore from its existing investors – Pearl Brook Holdings Ltd, Al Nour International Holdings Co, Almunajem Group and others.

The company has raised USD 43 million in funding till date. In December 2018, it had raised USD 10.2 million from Singapore-based FreakOut and Shinsei Bank of Japan along with other investors.

“91springboard is one of few co-working players that has been profitable on a company level…We have secured funding of Rs 45 crore from our existing investors and we plan to utilise it by offering new-age and customized solutions that will help all our members adapt to the new normal,” 91Springboard CEO Anand Vemuri said in a statement.

The company has reopened 14 of its 27 co-working spaces across the country, he added.

These 14 office spaces are located in Delhi, Gurugram, 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 per cent of members returning or committed to return soon to our co-working spaces,” Vemuri said.

He added that the company has witnessed a 2x growth in demand from large enterprise teams as they are now looking for benefits like flexibility, pan-India access and strategic partnerships.

Various brands like Zomato, OLX, TataSky, Cleartrip, SleepyCat, IndiaMart, Mahindra Retail, Groww, Marsh, Datamatics, 1 MG and Cardekho are customers of 91springboard.

Source:PTI

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