MUMBAI: Managed office space solution provider iSprout has raised Pre-Series A funding round of $4 million from private investors.
In the funding round a substantial part has been invested by the director of one of India’s leading infrastructure companies. Post this round, over 75% ownership of the company is with the four co-founders and the invested infrastructure company’s director.
“Managed office spaces have seen a significant growth and are expected to dominate the commercial real-estate sector in the post-pandemic future…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 & Co-Founder at iSprout.
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 and expansion of their business assets. A major part of the amount will also be invested to build proprietary technology to automate critical processes.
“…We are expanding aggressively in the Indian market. The forthcoming Series A fund will give us the thrust to expand our footprint across India,” said Sreeni Tirdhala, CMO & Co-Founder, iSprout.
The company is using the $4 million raised in the Pre-series A round to strengthen presence in existing markets. Whereas, the upcoming Series A funding will be used 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 expects to surpass 1 million sq ft by the end of this year.