91Springboard bags Rs 45 crore fresh funding

Team StartupcityCo-working space provider startup, 91Springboard has raised Rs 45 crore funding from its existing investors. This funding amid the Covid-19 pandemic is a shot in the arm for startups such as 91springboard that are creating co-working communities for large enterprises, small and medium enterprises and startups.

"We plan to utilize the funding by offering new-age and customized solutions that will help all our members adapt to the new normal," said Anand Vemuri, CEO, 91Springboard. The startup claims that it is one of few co-working players that has been profitable on a company level.

It has 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 per cent of members returning or committed to return soon," added Vemuri.

With the lockdown effective from March, 91springboard had paused its billing cycle on membership plans offering some respite. It had also launched two key initiatives to assist its members during the lockdown.

These include the 91springboard's startups vs Covid initiative that consolidated all efforts being taken by investors, government departments, and stakeholders to support startups tackling issues pertaining to Covid-19. It also started 91slive, a user engagement platform offered information ranging from learning and knowledge (professional and personal) workshops, health & wellness stories and Covid-19 updates.

Vemuri said the company has witnessed a two-times growth in demand from large enterprise teams as they are looking for benefits like flexibility, pan India access, strategic partnerships. Various brands like Zomato, OLX, TataSky, Cleartrip, Mahindra Retail, and Cardekho use its co-working space and facilities.