91Springboard plans to raise $30 million to support its expansion
Real Estate

91Springboard plans to raise $30 million to support its expansion

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
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?