Coworking startup iSprout has raised INR 60 crore (about $6.6 million) in debt funding from Tata Capital.
The company will use the funds to open new centres faster and upgrade its high-quality office infrastructure.
It also plans to expand its managed office services, improve its technology, offer customised workspaces, and strengthen its full facility management services.
“This investment strengthens iSprout’s position to further expand into the high-growth business hubs, allowing us to capture a larger market share in the flexible workspaces and scale with disciplined, asset-strategic growth,” said Sundari Patibandla, cofounder & CEO of iSprout.
“We have grown 10x in the last five years, and this investment aligns with our mission to build worldclass managed offices,” said Sreeni Tirdhala, cofounder and chief strategy officer. “Enterprises and GCCs need flexible, high performance work ecosystems. This funding reinforces our ability to deliver tech enabled and future ready spaces.”
Founded in 2016 by Sreenivas Tirdhala and Patibandla, iSprout provides managed offices and coworking spaces.
The company also offers business support services like company setup and payroll management. It currently runs 25 centres in nine cities, covering 2.5 million sq. ft., including spaces still under development.
Cofounder and Chief Strategy Officer Tirdhala said the startup has grown 10 times in the past five years.
iSprout raised $4 million in 2022 in a pre-Series A round from private investors, including a director of an infrastructure firm, to expand in existing markets and enter new ones like Delhi NCR and Mumbai.
In October 2023, it raised another $4.8 million from Vivriti Asset Management.
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