iSprout raises Rs 40 crore from Vivriti Asset Management, Real Estate News, ET RealEstate
NEW DELHI: iSprout, a co-working player, has secured an investment of Rs 40 crore through the issuance of its first secured bond. It was subscribed by Vivriti Asset Management (VAM), a credit asset manager with investments of above Rs 3,000 crore in mid-market enterprises.
The funds will be utilized to grow and extend their company assets, with a significant percentage of the funds going towards increasing the presence of the company in the existing markets of Hyderabad and Bengaluru. Funds raised will also be used to develop proprietary technologies to automate crucial procedures.
Sundari Patibandla, CEO & co-founder said, “iSprout has grown by 200% in the last six quarters and with this additional infusion of funds we can grab a very sizable share in the premium managed space market growth.”
Mohamed Irfan, fund manager, VAM said, “Managed office spaces have had a very good tailwind especially post-pandemic, where the needs of both corporates and employees have evolved. The ability to deliver a top-not notch experience for these stakeholders while prudently managing P&L will define which players can scale.”
Recently, the company has delivered new office spaces of two lakh sq ft in Divyashree Trinity and My Home Twitza, Hyderabad. It is now looking to deliver its thirteenth centre comprising over 1.5 lakh sq ft in Aurobindo Orbit by November 2023.
The company is looking to surpass 1 million sq ft and achieve more than Rs 120 crore turnover by the end of financial year 2023-2024. It plans to expand further in Hyderabad, Bengaluru, Chennai, Pune as well as enter into new markets such as Delhi-NCR and Kolkata in the next 1-2 years.
