Coworking space provider 91springboard has announced the completion of a new funding round from Sandway Investment Ltd, Pearl Brook Holdings, AMA Holdings, Silo Holdings and Al Nour.
The company didn’t disclose the amount it has raised but said the new round takes the total funding secured thus far to over $20 million.
91springboard will use the fresh capital for expansion in existing and new markets, it said in a statement. It didn’t elaborate.
“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 14th hub 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-CEO of 91springboard.
91springboard is a leader in the coworking space in India, with 2000+ companies working out of 91springboard’s hubs. The list includes startups like Rivigo, investors such as 500startups, pi Ventures and Mumbai Angels, and companies like Tokopedia and CBRE. 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 100+ proprietary and partnered events every month, which includes 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 of 9500+. Each of the established hubs is a profitable business unit. The company is also opening a hub in Goa soon.
In past couple of years, several co-working space providers have come up in India. 91springboard competes with Innov8, CoLife, InstaOffice, The Office Pass and Awfis.