Co-working space brand iSprout has raised Rs 40 crore through the issuance of its first secured bond. It was subscribed by Vivriti Asset Management (VAM).
Founded in 2016 by Sundari Patibandla, Sreeni Tirdhala, Sesshaa Prasad, and Vijay Oddiraju, iSprout helps in managing demand for managed office spaces for startups and established businesses.
The proceeds will be used to grow and extend their company assets, with a significant percentage of the funds going towards increasing the presence of iSpout in the existing markets of Hyderabad and Bengaluru. A portion of fund will also be used to develop proprietary technologies to automate crucial procedures, iSprout said in a press release.
Recently, iSprout claims to have delivered new office spaces of 2 lakh square feet and now looking to deliver its thirteenth centre comprising over 1.5 lakh square feet by November 2023.
iSprout plans to achieve more than 120 crore turnover by the end of financial year 2023-2024.