iSprout raises $4M in Pre-Series A funding from private investors
iSprout; one of India’s leading Co-Working spaces, announced that they have recently closed a Pre-Series A funding round of $4M from private investors.
In the funding round a substantial part has been invested by one of India’s leading Infrastructure Company’s Director and post the round over 75% ownership of the company is with the 4 Co-Founders and the invested Infrastructure Company’s director.
Sharing her views on the same, Ms. Sundari Patibandla, CEO & Co-Founder at iSprout says, “Managed office spaces have seen a significant growth and are expected to dominate the commercial real-estate sector in the post-pandemic future. We at iSprout have been continuously working towards offering the best possible office space solution for every individual & business. We are emphasizing on meeting the ever-evolving modern day office requirements and the funding received in the latest round gave a boost to our plans”
iSprout is now looking to raise a Series A funding round of $10M to capitalize on the expansion of the managed office space market. The projected funding will be used for growth & expansion of their business assets and a big chunk of the amount will also be invested to build proprietary technology to automate critical processes.
Excited about the future prospects, Mr. Sreeni Tirdhala, CMO & Co-Founder at iSprout says, “We as a Co-working & Managed Office space brand have come a long way since our inception and we are expanding aggressively in the Indian market. The forthcoming Series A fund will give us the thrust to expand our footprint across India.”
“Today, Managed Office space solutions are a requirement and the demand is only going to increase in the near future” – He further adds.
The $4M raised in the Pre-series A round has been used by iSprout to solidify their presence in existing markets. Whereas, the upcoming Series A funding will be used by the brand for aggressive expansion in existing markets such as Hyderabad, Bangalore, Chennai, Pune as well as new markets such as NCR, Mumbai and Kolkata. The brand expects to surpass 1 million SFT by the end of this year.