iSprout Secures INR 60 Cr Debt Funding from Tata Capital The funds will be deployed to expand iSprout's centres across tier I and tier II cities, upgrade technology, enhance workspace customisation and strengthen end to end facility management.
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Hyderabad-based managed office solutions provider iSprout has secured INR 60 crore in debt funding from Tata Capital.
The company said the fresh capital will support its plan to expand across major Indian metros and strengthen infrastructure for its growing base of enterprise clients. The funding will also help the organisation enhance its managed office portfolio at a time when demand for flexible and customised workspaces continues to rise in the country.
iSprout plans to use the funds to open new centres in tier I and tier II cities. The investment will also be directed towards upgrading its technology platforms, workspace design capabilities and end to end facility management services. The company stated that the new support will enable it to scale faster while maintaining its focus on delivering design oriented and fully serviced work environments.
Founded in 2016 by Sundari Patibandla, Sneha Boyalla and Sreenivas Tirdhala, iSprout offers managed office solutions that include coworking spaces, private cabins, single desks and virtual offices. Its facilities provide high speed internet, front desk support, meeting rooms, security and cafeteria access. The company also offers in house business support services such as accounting and GST filing.
iSprout currently operates in 9 Indian cities with 25 centres and manages a portfolio of 2.5 million square feet, including spaces under development. The company claims to serve Global Capability Centres, large enterprises and startups seeking flexible workspace solutions.
Indian competitors in the managed office space segment include Smartworks, Awfis, IndiQube and 91Springboard.
