iSprout, a co-working space provider, announced that they have recently closed a Pre-Series A funding round of $4 million from private investors.
In the funding round a substantial part has been invested by one of India’s leading Infrastructure Company’s Director and after the round, over 75 per cent ownership in iSprout will be with the four co-founders and this investor.
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 emphasising 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 $10 million 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.
The $4 million 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, Bengaluru, Chennai, Pune as well as new markets such as NCR, Mumbai and Kolkata. The brand expects to surpass 1 million sq.ft by the end of this year.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.