iSprout raises $4 Million in Pre-Series A Funding

A co-working space provider, iSprout has recently closed its Pre-series A funding round of $4 million from private investors. The majority of the funding will be invested by one of India's leading infrastructure company directors, after which the four co-founders and this investor will own more than 75% of iSprout. 

Sundari Patibandla, CEO and co-founder of iSporut has said, “Managed office spaces have seen significant growth and are expected to dominate the commercial real estate sector in the post-pandemic future. We have been continuously working towards offering the best possible office space solution for every individual and business. We are also 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 currently planning to raise $10 million in Series A funding rounds to take advantage of the expanding managed office space market. The projected funds will be used to grow and expand business assets, most of which will also be invested in building unique technologies to automate critical processes.

The capital raised in the pre-series A round has been used by iSprout to solidify its presence in existing markets. It also aims to use the Series A funding for aggressive expansion in existing markets such as Hyderabad, Bengaluru, Chennai, Pune along with new markets including NCR, Mumbai and Kolkata. It expects to cross 1 million sq.ft by the end of this year.