91Springboard

Sector: Real Estate, Coworking and Flexible Workspace  |  HQ: Gurugram, Haryana, India  |  Founded: 2013  |  Employees: 500+

Listed as: Privately held  | 

Company overview

91Springboard is one of India's earliest and largest coworking and flexible workspace operators, founded in 2013 by Pranay Gupta and Anand Vemuri. Headquartered in Gurugram, the company operates over 35 active coworking hubs across Bengaluru, Mumbai, Delhi NCR (Gurugram, Noida), Hyderabad, Pune, Chennai, Goa, and Vizag. The business serves startups, small and medium enterprises, large enterprises, and freelancers through a range of products including hot desks, dedicated desks, private cabins, custom team rooms, virtual offices, and managed office solutions for enterprise tenants. The brand is known for its community-driven coworking model, which differentiates it from pure-real-estate coworking operators. The company hosts an active programme of events, workshops, networking sessions, and accelerator partnerships, and operates the Springpad Accelerator and connects with the broader Indian startup ecosystem. Major enterprise clients include companies that take entire floors or wings as managed offices. 91Springboard has raised capital from investors including Khattar Holdings, Ravi Ghai (InterGlobe), CarPro, and Y Combinator alumni network, with subsequent rounds. The company has not pursued an IPO.

Financial performance and recent trajectory

Disclosed revenue (FY25): ₹220 crore (FY 2024-25 estimate).

Competitive position

91Springboard operates in the Indian flexible workspace market estimated at over 80 million square feet of operating stock by FY25, where the principal organised competitors are WeWork India (formerly WeWork's India franchise operated by Embassy Group, now part of Embassy and recently filed for IPO), Awfis Space Solutions (NSE listed since 2024), Smartworks (filed for IPO), Innov8 (owned by OYO), IndiQube, and Tablespace. 91Springboard's competitive differentiation rests on the community programming, the tier-1 metro footprint depth in Gurugram and Bengaluru, and the early-mover positioning in mid-sized hub format (typically 200 to 500 seats per centre). The principal competitive vulnerability is the limited operational scale relative to Awfis, Smartworks, and WeWork India, all of which have over 50,000 seats operational and listed or pre-IPO balance sheet capacity for accelerated expansion. The structural tailwind for the entire segment is the post-COVID hybrid work shift and the enterprise demand for flexible managed offices.

Key risks

Mismatch between long-tenor underlying leases and monthly customer commitments Competitive intensity from listed operators Awfis, Smartworks, and WeWork India Demand cyclicality affecting startup and SME occupancy

Outlook

91Springboard was founded in 2013 by Pranay Gupta and Anand Vemuri in Gurugram, initially as a coworking hub aimed at the early-stage startup community. The brand built early credibility through community events, founder programming, and a deliberate positioning against the more transactional coworking competitors of that era. The company name references the 91 country code of India. The business is structured across three product pillars. The first is the open coworking format, which includes hot desks (no fixed location, day pass or membership-based access), dedicated desks (fixed workstation, monthly or longer membership), and private cabins (locked rooms for teams of 2 to 20). The second is managed offices, where 91Springboard takes a longer-term lease on a floor and customises the interior fit-out for a single enterprise tenant, charging an integrated facility-as-a-service fee. The third is virtual office and registered office solutions, which provide a business address, mail handling, and limited physical access for a low monthly fee, particularly attractive for early-stage startups, professionals, and companies expanding into new cities. The footprint has grown from a single Gurugram hub in 2013 to over 35 active hubs across nine cities by FY25, with an estimated 20,000 to 25,000 seats operational. The hub format typically ranges from 200 to 500 seats with a mix of open desks, cabins, and meeting rooms. Marquee hubs include the Gurugram MG Road and Sushant Lok facilities, the Mumbai Andheri and Lower Parel hubs, the Bengaluru Koramangala and HSR Layout centres, and the Hyderabad Madhapur facility. Geographic expansion priorities include tier-2 city pilots in Vizag, Indore, and Ahmedabad. Distribution and customer acquisition is multi-channel. Direct sales through the company website, brokerage channel partners (CBRE, JLL, Colliers, Cushman & Wakefield, Anarock for enterprise mandates), digital marketing through Google and LinkedIn, and community-driven referrals through the existing member base. Enterprise managed office mandates typically come through commercial real estate brokers and direct enterprise corporate real estate teams. Financial trajectory has reflected the broader Indian coworking cycle. Revenue grew from approximately ₹70 crore in FY20 to ₹85 crore in FY21 (COVID-affected), ₹125 crore in FY22, ₹165 crore in FY23, ₹195 crore in FY24, and approximately ₹220 crore in FY25. EBITDA at the centre level is positive for mature centres (typically 25 to 35 percent margin), but consolidated EBITDA after corporate overhead and centre ramp-up costs is lower. The company has been targeting consolidated EBITDA profitability and has pulled back from aggressive expansion that characterised the FY18 to FY20 period. Recent strategic priorities include a shift in product mix toward managed offices (which carry longer contract tenor and higher revenue per seat), tier-2 city expansion with smaller-format hubs of 100 to 200 seats, and operational efficiency through technology platform investment. Strategy through 2025 to 2030 is anchored on four themes. First, deepening the managed office product where enterprise tenants are increasingly preferring managed solutions over conventional commercial lease, with the FY25 to FY28 window expected to see a structural shift of enterprise commercial real estate demand into flexible managed formats. Second, expanding the multi-city footprint with a target of 50-plus hubs across 12 cities by FY28. Third, maintaining the community programming differentiation through accelerator partnerships, founder events, and networking that drives organic member acquisition. Fourth, considering exit or capital recycling options including a potential strategic sale or IPO depending on the trajectory of comparable listed operators Awfis and Smartworks. The regulatory environment is primarily the commercial real estate framework. The Transfer of Property Act 1882 governs the underlying leases. The Goods and Services Tax framework treats coworking services at the 18 percent rate, with input tax credit available on the underlying lease and operating expenses. State-level shops and establishments laws apply to operational compliance. The Companies Act 2013 governs corporate disclosure for the operating entity Salarpuria Bayhills India Private Limited (the principal operating company associated with 91Springboard). SEBI listing regulations would apply if and when the company pursues an IPO. Risks are concentrated in five buckets. First, real estate lease economics, where 91Springboard's underlying lease commitments are long-tenor and rent-pegged, while customer commitments are typically monthly or quarterly. Second, demand cyclicality, where any economic slowdown affecting startup and SME activity directly affects coworking occupancy. Third, competitive intensity from listed and pre-IPO operators (Awfis, Smartworks, WeWork India) with deeper capital pools. Fourth, the structural risk of corporate real estate teams choosing to negotiate flexible terms directly with commercial landlords (Embassy, RMZ, K Raheja, DLF, Brigade) bypassing coworking operators entirely. Fifth, regulatory or tax changes affecting GST treatment or input tax credit eligibility. Management quality is anchored by founder team Pranay Gupta and Anand Vemuri and a professional management team. Statutory audit is conducted under Companies Act 2013 framework. The company has not historically published consolidated audited financials publicly. ESG positioning is moderate. Coworking centres are typically designed with energy-efficient lighting, central HVAC, and reduced per-seat embodied carbon versus standalone office formats. The community programming has a moderate positive social impact through startup and founder support. The business does not face material environmental compliance exposure.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.