iSprout, a coworking startup, has raised $4 million and plans to raise $10 million in Series A funding by June of this year
- ByStartupStory | March 24, 2022
iSprout, a Hyderabad-based coworking space business, recently closed a $4 million pre-Series A investment round from private investors and plans to seek further cash in a Series A funding round, which is expected to close in June.
A director of an unknown infrastructure company contributed a significant amount to this round of finance. Following the financing, the business stated that the four co-founders and the director of the invested infrastructure company hold 75 percent of the company.
The company will use the cash raised in this Pre-Series A transaction to expand its footprint in existing areas. The business will use the same incoming Series A capital to aggressively expand in existing markets like Hyderabad, Bangalore, Chennai, and Pune, as well as new markets like NCR, Mumbai, and Kolkata. By the end of the year, the company hopes to have shipped over 10 lakh SFT.
Sreeni Tirdhala, Sundari Patibandla, CA Sesshaa Prasad, and Vijay Oddiraju founded iSprout in Hyderabad in 2016 to meet the demand for managed office spaces among established startups and other businesses.
The company is now trying to earn $10 million in a Series A funding round to take advantage of the growing managed office space industry. The funds will be utilized to grow and extend their company assets, with a significant percentage of the funds going toward the development of proprietary technologies to automate crucial procedures.
iSprout presently operates over 100 coworking spaces across 11 cities.
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