Coworking startup 91Springboard has announced the appointment of Anshu Sarin as its new chief executive officer (CEO). With this development, Anand Vemuri, the co-founder who previously held the position of CEO, will transition to the role of executive chairman, focusing on building strategic partnerships for the venture.
91Springboard Background and Competition
Founded in 2012 by Anand Vemuri, Deepak Sharma, Pranay Gupta, Pushpendra Thakur, and Varun Chawla, 91Springboard offers coworking spaces catering to startups, freelancers, and enterprises across India. The company competes directly with WeWork, Workly, myHQ, and other players in the coworking industry.
Anshu Sarin’s Previous Experience
Anshu Sarin, the newly appointed CEO of 91Springboard, brings a wealth of experience to her new role. Previously, she served as the CEO of Berggruen Hotels, a company that was acquired by Lemon Tree Hotels Ltd. in November 2019, and she played a pivotal role in the strategic sale.
91Springboard Vision for Growth
In light of the challenges brought on by the pandemic, Anand Vemuri expressed confidence in the growth prospects of 91Springboard. He stated, “Despite the challenges brought on by the pandemic, our team’s dedication and innovation have positioned us for extraordinary growth.” Vemuri believes that Sarin’s expertise will drive the company’s growth and success.
Funding Plans and Backing from Investors
As part of its growth strategy, 91Springboard is reportedly planning to raise $30 million in funding to strengthen its portfolio and meet the rising demand for managed and flexible office spaces. The company has previously secured INR 45 crore from its existing investors to develop customized solutions for its customers. Investors backing 91Springboard include FreakOut Holdings, Anthill, 33 Investments, NITI Aayog, Sandway Investment Ltd, Pearl Brook Holdings, AMA Holdings, Silo Holdings, and Al Nour, among others.
While 91Springboard aims to soar to new heights in the coworking ecosystem, it faces competition from WeWork India, which secured INR 550 crore in funding to drive growth and consolidate business opportunities. However, the coworking industry also experienced challenges, as seen with the closure of Pune-based coworking space provider Friyey due to the funding crunch prevalent in the Indian startup ecosystem.
