The firm that has put its growth plans on hold due to the outbreak of the pandemic says that it had already signed 3000 seats and is looking to open new centers in Bangalore, Delhi, Hyderabad and Pune in the coming quarters.
“We haven’t really expanded post the outbreak of COVID due to uncertainties. With demand returning back we are now scouting to add new centers across major hubs,” said Anand Vemuri, CEO, 91Springboard.
91springboard that turned profitable in December, is targeting a revenue of Rs 200 crore for FY 2024. “Pre covid, we had more than 70% occupancy. Owing to the hybrid work models, the coworking sector is seeing a boom and 91Springboard is witnessing close to 90% occupancy across 8 cities in India,” said Venturi.
91Springboard further plans to strengthen its premium offering by adding more platinum centers. The firm recently leased 300 seats from Vatika Group in Gurgaon.
“Consumer preferences are always evolving with the changing times and advancement of technology. The pandemic further paved the way for new working norms, which are more people centric. We have, therefore, upgraded our hubs with fresh designs and amenities, setting new standards in the coworking industry. 91Springboard plans to launch more hubs across the country in the platinum range,” he said.
The firm currently has 24 live hubs, spread across cities such as Bangalore, Mumbai, New Delhi, Hyderabad, Gurgaon, Noida, Pune, and Goa.
The rise of hybrid working model post pandemic along with the boost in the startup culture has led to an increase in the demand for co-working spaces across the country.
According to a CII-Anarock report ‘Workplaces of the Future’, the market size of co-working spaces would double in the coming 5 years at a CAGR of 15%. As a leading player in this space, BHIVE is at the forefront of enabling a seamless shared workspace experience and offering unique experiences to occupiers.