91springboard plans capacity expansion
Co-working space provider 91springboard plans to expand its capacity six-fold to 1,50,000 desks in three years from the end of this financial year, opening facilities in more Indian cities, a top company official said.
“Currently, we have 20 operational centres and are on track to reach 12,500 desks by the end of this year and then 20,000-25,000 desks by March-April 2019. We aim to get 150,000 desks by March 2022,” said Varun Chawla, cofounder of 91springboard.
The company recently raised $10.2 million from Singapore-based marketing technology company FreakOut. With this fourth multi-million dollar round, the co-working office provider has raised $33 million.
In the first round, the startup raised $1 million, followed by $5.7 million and $16.5 million. The company will use the funds to scale up operations and skillsets.
The company currently has centres in New Delhi, Gurugram, Noida, Hyderabad, Bengaluru, Mumbai, Navi Mumbai, Pune and Goa. “We will be expanding in these cities and following this, next round of cities on the radar are Chennai, Ahmedabad, Kolkata and Chandigarh, where we will be expanding over the next 12 months. We will move on to cities like Kochi, Vizag and Mangalore over the next three years,” Chawla said.
According to Chawla, the company is now profitable at the operating level, with its cash flow covering expenses. The company’s revenue stood at over Rs 45 crore in the year ended March 2018. “We have proven that we are not just running on investors’ money and we are able to run a profitable business,” Chawla said.