Co-working space player iSprout raises $4mn in pre-series A funding

Large part has been invested by a top infra firm's director; after the round over 75% ownership in iSprout will be with the four co-founders and this investor

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.