The co-working space provider is also planning to launch facilities in newer Tier I and Tier II cities.
91springboard is looking at doubling its capacity to 44,000 desks by next year. The co-working space provider is also planning to launch facilities in newer Tier I and Tier II cities.
Varun Chawla, Co-Founder of 91springboard, said, “We currently have 22,000 desks spread across 26 locations in nine cities across the country.”
Currently, 91springboard is present in nine cities across India, including Delhi, Gurugram, Noida, Hyderabad, Bengaluru, Mumbai, Navi Mumbai, Goa and Pune.
“Our intention is to double this number and we might look at expanding our footprint in the existing cities and might expand in a few Tier-II cities. However, it will depend on a number of factors impacting the market. Given the recent scenario in the co-working space, investors and landlords are hesitant to support various co-working players. Worst case, we will grow slowly if the market is not supportive. We anticipate and hope to grow in some new cities in the next few months,” Chawla stated.
He further added, “We use different models to grow. First is the capex model, the other is a scenario wherein we lease and capital expenditure is carried out by the landlord. To achieve next year’s expansion targets we would require $32- 35 million.”
In 2018, the company secured $12.5 million from HNIs, repeat investors and Japan-based marketing technology company FreakOut.