91springboard co-founders Varun Chawla and Pranay Gupta have moved on from the company to other pursuits. Anand Vemuri, the third co-founder, continues to run the shared workspace provider as CEO.
Owned and operated by Singapore based Springboard Solutions, 91springboard was founded in 2015 by Chawla, Gupta and Vemuri, apart from Deepak Sharma. Sharma, former global chairman, Citi Private Bank, is listed as a co-founder on the company’s website.
While Chawla left 91springboard in late 2020, Gupta moved on in August 2020 and joined hyperlocal discovery platform Magicpin this week as vice president of growth and business development.
Chawla did not respond to email queries from TechCircle at the time of publishing this article.
Gupta confirmed that he had left the company in August last year and continues to hold a stake. “The company had reached a point where things were running on autopilot and the investors as well as co-founders were supportive of the decision.”
He decided to join Magicpin after a gap of nearly nine months and will be reporting to Anshoo Sharma, cofounder of Magicpin. “Anshoo is a senior from IIM-Ahmedabad and he was also one of my early mentors since his Lightpseed days. Magicpin is a rocketship ready to launch and I am excited about the possibilities,” Gupta told TechCircle.
Lightspeed backed Magicpin rewards customers with cashback and discount offers on uploading their bills from partner restaurants, stores and other retail outlets. The company was founded in 2015 by former Lightspeed partner Sharma and former vice president of Nexus Venture partners Brij Bhushan. The company claims to have a network of over 150,000 stores and drives over $1 billion of annual business for its partner stores.
91springboard raised $6 million in June 2020 from returning investors Pearl Brook Holdings, Al Nour International Holdings and Almunajem Group. Vemuri said at the time said that the company had seen a two-fold increase in demand from large enterprises since the pandemic started. The company has thus far raised a total of $43 million from investors.