iSprout, a managed office space solution provider for startups and enterprises, has announced it recently closed a pre-Series A funding round of $4 million from private investors.
According to a company statement, a substantial part of the investment came from the director of one of India’s leading infrastructure companies, who now shares over 75 per cent of the company’s ownership with the four co-founders.
It said that it is looking to raise a Series A funding round of $10 million to capitalise on the expansion of the managed office space market. A big chunk will be invested to build proprietary technology to automate critical processes.
Apart from expansion in existing markets such as Hyderabad, Bengaluru, Chennai and Pune it will look at new markets such as NCR, Mumbai and Kolkata, it said, adding that it expects to surpass one million sq ft of managed space by the end of this year.
Sundari Patibandla, CEO and co-founder of iSprout, said, “Managed office spaces have seen 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 and 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.”
Sreeni Tirdhala, CMO and co-founder of iSprout, said, “We as a co-working and 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 added.
March 23, 2022