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

Ajmera Realty’s Bengaluru project launch sees strong festive sales

In a landmark achievement, Ajmera Realty & Infra India (ARIIL) launched a residential project – Ajmera Iris in Electronic City, Phase 2, Bengaluru. ARIIL sold 59,000 sq. ft. out of 1,58,859 sq. ft in the project for value of Rs 60 crores, which represents about 37 percent of ARIIL’s inventory sold, achieved within a week of its launch following RERA registration.ARIIL has reinforced its industry leadership with impressive pre-sales for its latest project, Ajmera Iris, in Bengaluru’s sought-after Electronic City. The project offers a wide of range of lifestyle amenities for an enhance..

Next Story
Infrastructure Urban

Green Theme Tech raises $6M to scale sustainable textile technology

Green Theme Technologies, Inc. (GTT), a leader in sustainable textile innovation, has successfully raised $6 million in Series C funding. The investment will help advance GTT’s EMPEL® high-performance, sustainable technology that eliminates harmful chemicals and reduces water usage in textile manufacturing. The round was led by Pangaea Ventures and Cottonwood Technology Ventures, two firms focused on supporting breakthrough innovations in materials science and sustainability. GTT’s PFAS-free, water-free treatments offer eco-friendly alternatives for the footwear, apparel, and military se..

Next Story
Real Estate

Godrej Properties wins 7.5-acre plot for luxury development in Gurugram

Godrej Properties (GPL) has secured a 7.5-acre plot on Golf Course Road, Gurugram, through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The plot offers a development potential of over 1.7 million square feet for luxury residential apartments, with an estimated revenue potential of Rs 5,500 crore. This marks the 11th project acquired by GPL in FY25, taking its total business development value to Rs 22,950 crore, exceeding its annual target of Rs 20,000 crore. GPL’s recent growth is highlighted by strong sales bookings, with a five-fold increase in net profit to INR 3..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000