91Springboard plans to raise $30 million to support its expansion
04 May 2023
2 Min Read
CW Team
The operator of flexible offices 91Springboard intends to raise $30 million to support its expansion. The company intends to triple its portfolio due to the significant demand for managed and flexible office space in the context of a hybrid work model. Over the next three years, the company wants to increase the total number of desks from 20,000 to 55,000.
Anand Vemuri, CEO and Co-Founder of 91Springboard said that they witnessed almost zero occupancies during the peak of the covid period. They had paused all expansion and were focusing on profitability.
Apart from entering tier II towns to expand its portfolio, the flexible office operator intends to concentrate on established cities like Bangalore, Mumbai, and Delhi.
91Springboard, which is fully occupied, has decided to concentrate on a Platinum hub range of flexible options for freelancers, small and large businesses, and startups.
The firm currently has 7500 such desks under construction under the platinum category and has added 1000 desks in Gurugram this year, added Vemuri. Platinum Hub, 91Springboard, now offers over 20,000 desks across eight cities in India.
The flexible office market has grown stronger as a result of the office sector's recalibration. Regarding space take-up by operators, Flex is anticipated to almost match its peak activity of 2019, with managed and customised enterprise models driving growth in this market.
Flex spaces had the highest gross absorption share at 27 per cent, followed by the IT-BPM and BFSI sectors with demand shares of 23 per cent and 16 per cent, respectively. According to Savills, office space absorption in India's six largest cities totalled 14 million square feet in the first quarter of 2023, representing a 16 per cent QoQ growth.
Also Read
Maison Sia launches its showroom in Mumbai
Invoke industrial minimalism with Diesel Open Workshop collection
The operator of flexible offices 91Springboard intends to raise $30 million to support its expansion. The company intends to triple its portfolio due to the significant demand for managed and flexible office space in the context of a hybrid work model. Over the next three years, the company wants to increase the total number of desks from 20,000 to 55,000.
Anand Vemuri, CEO and Co-Founder of 91Springboard said that they witnessed almost zero occupancies during the peak of the covid period. They had paused all expansion and were focusing on profitability.
Apart from entering tier II towns to expand its portfolio, the flexible office operator intends to concentrate on established cities like Bangalore, Mumbai, and Delhi.
91Springboard, which is fully occupied, has decided to concentrate on a Platinum hub range of flexible options for freelancers, small and large businesses, and startups.
The firm currently has 7500 such desks under construction under the platinum category and has added 1000 desks in Gurugram this year, added Vemuri. Platinum Hub, 91Springboard, now offers over 20,000 desks across eight cities in India.
The flexible office market has grown stronger as a result of the office sector's recalibration. Regarding space take-up by operators, Flex is anticipated to almost match its peak activity of 2019, with managed and customised enterprise models driving growth in this market.
Flex spaces had the highest gross absorption share at 27 per cent, followed by the IT-BPM and BFSI sectors with demand shares of 23 per cent and 16 per cent, respectively. According to Savills, office space absorption in India's six largest cities totalled 14 million square feet in the first quarter of 2023, representing a 16 per cent QoQ growth.
Also Read
Maison Sia launches its showroom in MumbaiInvoke industrial minimalism with Diesel Open Workshop collection
Next Story
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..
