iSprout, a startup in the co-working spaces, has raised $4 million in pre-Series A funding round from private investors.
In this funding round, a substantial part has been invested by a director of an undisclosed infrastructure company.
Post-the round over, the company said that 75 percent ownership of the company is with the 4 co-founders and the invested infrastructure company’s director.
The funds raised in this Pre-Series A round will be used by the company to strengthen its presence in the existing markets. The same upcoming Series A funding will be used by the startup for aggressive expansion in existing markets such as Hyderabad, Bangalore, Chennai, Pune as well as new markets such as NCR, Mumbai, and Kolkata. The company also expects to cross 10 lakh SFT by the end of this year.
“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”, said, Sundari Patibandla, CEO and Co-Founder at iSprout.
Hyderabad-based iSproutwas founded in 2016 by Sreeni Tirdhala, Sundari Patibandla, CA Sesshaa Prasad, and Vijay Oddiraju, it caters to the need for managed office spaces among established startups and other enterprises.
“The forthcoming Series A fund will give us the thrust to expand our footprint across India”, said, Sreeni Tirdhala, CMO & Co-Founder at iSprout.
It is now looking to raise a Series A funding round of $10 million to capitalize on the expansion of the managed office space market. That incoming money will be used to develop and expand their business assets and a substantial portion of the amount will also be invested in building proprietary technology to automate critical processes.
iSprout currently has over 11 coworking locations in 5 centers.
