Hyderabad: Co-working space provider 91springboard opened its third hub in Kondapur, Hyderabad, with a capacity of 1,000 seats, which is currently its largest hub in the city. With this new centre, the company has now a cumulative capacity of 2,000 seats. The first two centres which were created in Kavuri Hills and HITEC City have 500 seats capacity each. The company is all set to double its capacity by the end of the current fiscal by adding three more centres here.
Varun Chawla, co-founder, 91springboard, said, “This is the largest hub in Hyderabad. Our onus is right now on tier 1 cities considering the affordability factor of our memberships and the business presence of startups, small and medium enterprises (SMEs) and large enterprises. 91springboard is looking at three big options in south for the next five years with expansion plans in Hyderabad, Bengaluru and Chennai.”
91springboard said it has made startup journey easy through community connects and by providing a platform for growth and development.
“The idea is to work with the entrepreneurs and help them grow, with 91springboard being a startup accelerator, a place where communities come together personally and professionally. High degree of community orientation is the key to the project. When startups start outside a co-working space, it ideally takes 23 months to grow, when in a co-working space, it takes 11 months. That’s the meaningful impact 91springboard has made. This also includes SMEs, freelancers and corporates,” he added.
Chawla said focus is on investment in creating communities with a $50-60 million expansion in the next five years. This would mean 7-8 times growth in this time frame.
The company has established 24 centres across Hyderabad, Delhi, Mumbai, Bengaluru and Pune. New hubs in Kolkata and Chennai will come up this fiscal. The focus will remain on tier 1 cities in the first phase of company’s growth, which will be followed by its foray into potential locations in the tier-2 markets.
Kaustav Roy, senior operations manager, 91springboard, Hyderabad, said, “We are distinct from other players as we believe in community-based incubation. We are developing a community building culture where one professional helps another bringing in their synergies together aiding in growth.”
When asked about the client occupancy patterns in Hyderabad, he said, “Few years back, freelancers used to be the key segment where we used to see the demand. Now there is good traction from startups, SMEs and even corporates. Startups currently account for 40 per cent of the occupancy whereas freelancers, SMEs and corporates account for the remaining 60 per cent.”
The launch of third hub in Hyderabad included speed networking sessions, along with the main event Life’s A Pitch and panel discussions on topics ‘Learnings from Failure’, ‘Startup Ecosystem in Hyderabad’ and ‘Women Entrepreneurship’.
In Life’s A Pitch, eight startups presented their two-minute investor pitch to 91springboard’s panel of investors who were present for the event. The event also gave the startups a chance to announce themselves in front of over 850 attendees from the startup ecosystem.
The three panel discussions which were held simultaneously in different locations in the hub gave the attendees a chance to interact with founders, investors and prominent names from the ecosystem.