91Springboard, a co-working space provider, has announced that it has closed its new funding round, taking total amount raised by the company to over ₹128.5 crore.
The investors who participated in the funding round include Sandway Investment Ltd, Pearl Brook Holdings, AMA Holdings, Silo Holdings and Al Nour.
The company is planning to use the funding raised to further ramp up its growth. It plans to spend money to bring increased productivity, collaboration and growth to customers.
Anand Vemuri, founder and CEO of the company, said that 91Springboard has seen growth in demand for its space in the past couple of years from the likes of freelancers and startups to large enterprises. He said,
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. 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.
Founded in 2013, 91Springboard established its first coworking space in Delhi, and has since then expanded its operations to 7 cities with hubs in Delhi, Gurgaon, Noida, Hyderabad, Bangalore, Navi Mumbai and Mumbai.
It is the one of the biggest co-working space operators in India, with seating capacity exceeding over 9,500. The company says that each of the established hubs is a profitable business unit.
While it is already present in seven cities across India, the company has now set its eyes on opening a new hub in Goa. It has not revealed any timeline for the Goa hub, but has said that it will be launched soon.
91springboard claims that over 2000 companies are working out of its 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 closing of its funding round comes at a time when the world’s largest co-working space provider — WeWork, has entered the Indian market with a space in Bangalore, and has now expanded its operations in the country with a second space in Mumbai.
Apart from WeWork, 91Springboard competes against the likes of Innov8, Awfis, BHIVE Workspace, among others — with most of them having raised funding for growing business.