Co-working space brand iSprout raised Rs 40 Cr from Vivriti Asset Management

Through the sale of its first secured bond, co-working space brand iSprout has raised Rs 40 crore. Vivriti Asset Management (VAM) made a subscription to it.

Sundari Patibandla, Sreeni Tirdhala, Sesshaa Prasad, and Vijay Oddiraju founded the company iSprout in 2016 to assist in managing the demand for managed office spaces for new and established companies.

A sizeable portion of the funds will be used to strengthen iSpout’s presence in the current markets of Hyderabad and Bengaluru. The proceeds will be used to expand and grow their company assets. According to a press release from iSprout, a portion of the fund will also be used to create exclusive technologies that automate critical processes.

ISprout recently asserted that it had delivered new office spaces totalling 2 lakh square feet, and it is currently planning to deliver its thirteenth centre, totalling more than 1.5 lakh square feet, by November 2023.

By the end of the fiscal year 2023–2024, iSprout aims to reach a turnover of more than 120 crore.