91springboard

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91springboard Business Hub Private Limited
Websitewww.91springboard.com

91springboard is an Indian company that offers shared offices to individuals and organisations on a membership basis. Founded in 2012 in Delhi[1], it is one of the earliest co-working spaces originating from India[2][3][4]. In 2017, 91springboard shifted its headquarters to Panaji in Goa.[5]

In the shared/leased office sector of commercial real estate, 91springboard competes with organisations such as WeWork India, GoWork, Innov8, Bhive, Cowrks, Awfis, Smartworks, etc.[6][7]

History

91springboard originally planned to launch as a business incubator or a startup studio but due to funding challenges[8], they opened their first facility as a co-working office in January 2013 in Mohan Estate area of New Delhi. 91springboard has been covered in news programs such as NDTV[9], and BBC[10]. It was also covered by Forbes India in 2019[11].

In order to add value to its members and to stand out from other players in the leased office market, 91springboard organises several publicised events, such as comedy nights[12], Hackathons[13], etc. It also partners with other organisations to provide benefits to 91springboard members, termed Boosters[14][15]

In 2016, 91springboard was recognized under Startup India initiative by the Government of India as an incubator with the responsibility to recommend startups for the Startup India initiative[16]. 91springboard co-hosted the Defence India Startup Challenge 2018 for the Ministry of Defence, Government of India[17]. In the same year, HDFC Bank partnered with the United Kingdom’s Department for International Trade (UK DIT) and start-up accelerators 91SpringBoard and IvyCamp to launch an Accelerator Engagement Programme (AEP) in India[18].

In 2018, Google partnered with 91springboard to launch a Google for Entrepreneurs Lounge in 91springboard Jhandewalan location, in Delhi, to support women entrepreneurs in Tier-II cities of India[19][20].

Funding and Notable Investments

Currently, 91springboard offers its spaces in 9 cities across India through its 27 office spaces.[21] It also had a space operating in Noida Sector 125, which was closed in 2017.[22] Since its incorporation, 91springboard has raised funds from FreakOut Holdings[23], Shinsei Corporate Investment Limited, NeoStencil, and Khattar Holdings, Anthill, 33 Investments, NITI Aayog, Sandway Investment Ltd, Pearl Brook Holdings, AMA Holdings, Silo Holdings, Al Nour etc.[24] It raised ₹450 Million in funding from existing investors in June 2020.[25]

91springboard is also an investor in organisations such as Squad[26], AlmaConnect[27], among others[28].

2020 and beyond

Due to the emerging COVID-19 situation, startups, including co-working providers were affected and employed several tactics, including unpaid leaves, layoffs, waiver of rent, etc. to remain afloat[29]. With recovering demand for co-working spaces, especially from larger firms, the industry is poised to recover as effects of COVID-19 subside[30].

In July 2020, 91springboard partnered with University of Arizona to offer virtual learning to Indian students and professionals at 91springboard locations[31]. In March 2021, 91springboard partnered with EU-India Innovation Centre to improve collaboration among startups in India and the EU[32].

See also

References

  1. "The 91springboard Story - 3 Friends, Beer, And A Failed Fund". Inc42 Media. 1 November 2016. https://inc42.com/startups/91springboard-growth-story/.
  2. "New incubator in town 91SpringBoard to invest in 10-15 startups a year". Techcircle. 19 March 2013. https://www.techcircle.in/2013/03/19/new-incubator-in-town-91springboard-to-invest-in-10-15-startups-a-year/.
  3. Sushma UN, qz com. "PayPal, a pioneer that introduced digital payments to the world, now wants to ride India's boom". https://scroll.in/article/854408/a-pioneer-that-introduced-digital-payments-to-the-world-now-wants-to-ride-indias-boom.
  4. Goyal, Malini; Layak, Suman. "Coworking: India's trendiest start-ups operate out of cafes rather than conventional workplaces". https://economictimes.indiatimes.com/magazines/panache/coworking-indias-trendiest-start-ups-operate-out-of-cafes-rather-than-conventional-workplaces/articleshow/42397687.cms.
  5. Sep 11, Newton Sequeira. "91Springboard to launch co-working hub in Panaji | Goa News - Times of India" (in en). The Times of India. https://timesofindia.indiatimes.com/city/goa/91springboard-to-launch-co-working-hub-in-panaji/articleshow/60453596.cms.
  6. Sabharwal, Punita (13 October 2018). "The Future of Work Spaces: A Look At India's Rising Coworking Spaces" (in en). Entrepreneur. https://www.entrepreneur.com/slideshow/321672.
  7. Dua, Mansi (21 August 2018). "Coworking spaces spawn a new generation of workers and a new style of working" (in en). The Indian Express. https://indianexpress.com/article/lifestyle/workplace/coworking-spaces-spawn-a-new-generation-of-workers-and-a-new-style-of-working-5312944/.
  8. "The 91springboard Story - 3 Friends, Beer, And A Failed Fund". 1 November 2016. https://inc42.com/startups/91springboard-growth-story/.
  9. "Start-ups: Why India is buzzing" (in en). https://www.youtube.com/watch?v=oWdebYCA0pQ&list=PLyLfA9FxpFWuKLkC60EdRdYtWgdRgPnAJ&ab_channel=NDTVProfitShows.
  10. "Why Co-work- BBC Explains" (in en). https://www.youtube.com/watch?v=25FCjxZHEWE&ab_channel=91springboard.
  11. Singh, Rajiv. "91springboard: Work, Play, Spring" (in en). Forbes India. https://www.forbesindia.com/article/startups/91springboard-work-play-spring/52255/1.
  12. Nov 16, Mumbai Mirror / Updated. "Things to do in Mumbai today" (in en). https://mumbaimirror.indiatimes.com/others/things-to-do/things-to-do-in-mumbai-today/articleshow/61662728.cms.
  13. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. https://www.techinasia.com/careem-venturesity-hackathon-hacareem.
  14. "Co-working spaces to partner with banks to reduce cost per seat" (in en). Hindustan Times. 25 October 2016. https://www.hindustantimes.com/business-news/co-working-spaces-to-partner-with-banks-to-reduce-cost-per-seat/story-OkhXdfbOhxzJZOMMImU4mM.html.
  15. "Boosters". https://www.91springboard.com/boosters/.
  16. Staff, TNM (20 June 2017). "Govt's big push to promote startups, launches Startup India Hub" (in en). The News Minute. https://www.thenewsminute.com/article/govts-big-push-promote-startups-launches-startup-india-hub-63927.
  17. Aug 4, Chethan Kumar / TNN / Updated. "From laser weapons to 4G LAN, Centre throws 11 defence challenges at startups | India News - Times of India" (in en). The Times of India. https://timesofindia.indiatimes.com/india/from-laser-weapons-to-4g-lan-centre-throws-11-defence-challenges-at-startups/articleshow/65272776.cms.
  18. Ghosh, Rashi Aditi. "HDFC Bank introduces Accelerator Engagement Programme". https://bfsi.eletsonline.com/hdfc-bank-introduces-accelerator-engagement-programme/.
  19. "Google, 91Springboard launch entrepreneurship program for women in tier-II cities". Business Insider. https://www.businessinsider.in/google-91springboard-launch-entrepreneurship-program-for-women-in-tier-ii-cities/articleshow/65337077.cms.
  20. "Google Partners 91springboard To Support Entrepreneurs" (in en). TOLOnews. https://tolonews.com/science-technology/google-partners-91springboard-support-entrepreneurs.
  21. Mathur, Nandita (23 June 2020). "91springboard raises ₹45 crore in fresh funding" (in en). Livemint. https://www.livemint.com/companies/news/91springboard-raises-rs-45-crore-in-fresh-funding-11592897526636.html.
  22. "Co-working spaces struggle to find the 'perfect business model' - ET RealEstate" (in en). ETRealty.com. https://realty.economictimes.indiatimes.com/news/commercial/co-working-spaces-struggle-to-find-the-perfect-business-model/62710096.
  23. "Freakout Holdings" (in en). https://www.forbes.com/companies/freakout-holdings/#1a0c0c84231c.
  24. "91springboard Bags INR 45 Cr From Existing Investors". Inc42 Media. 23 June 2020. https://inc42.com/buzz/91springboard-bags-inr-45-cr-from-existing-investors/.
  25. "Co-working space provider 91springboard raises fresh funding". VCCircle. 23 June 2020. https://www.vccircle.com/co-working-space-provider-91springboard-raises-fresh-funding/.
  26. Sushma UN, qz com. "PayPal, a pioneer that introduced digital payments to the world, now wants to ride India's boom". Scroll.in. https://scroll.in/article/854408/a-pioneer-that-introduced-digital-payments-to-the-world-now-wants-to-ride-indias-boom.
  27. Sangwan, Sujata (18 February 2016). "AlmaConnect Raises Pre Series A Funding". iamwire. http://www.iamwire.com/2016/02/alma-connect-raises-pre-series-funding/132446.
  28. "91springboard - Investments, Portfolio & Company Exits" (in en). Crunchbase. https://www.crunchbase.com/organization/91springboard/recent_investments.
  29. Das, Avik. "Co-working companies offer sops, waive rents to retain clients". The Times of India. https://timesofindia.indiatimes.com/business/india-business/co-working-cos-offer-sops-waive-rents-to-retain-clients/articleshow/74999965.cms.
  30. Das, Avik / TNN / (Feb 24, 2021). "Co-working spaces see 80% demand recovery - Times of India" (in en). The Times of India. https://timesofindia.indiatimes.com/business/india-business/co-working-spaces-see-80-demand-recovery/articleshow/81187574.cms.
  31. Kannan, Keerthana (23 July 2020). "91springboard partners with the University of Arizona to offer virtual learning". The Plunge Daily. https://mybigplunge.com/business/91springboard-partners-with-the-university-of-arizona/.
  32. Vijayakumar, N. V. (19 February 2021). "EU-India InnoCenter Starts Programme To Bring European Startups To India". The NFA Post. https://thenfapost.com/2021/02/19/eu-india-innocenter-starts-programme-to-bring-european-startups-to-india/.

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