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
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?