iSprout, a prominent player in India's co-working space industry, has raised Rs 40 crore through its first secured bond offering. Vivriti Asset Management, a major credit asset manager with over Rs 3,000 crore invested in mid-market enterprises, facilitated the bond subscription. iSprout, founded in 2016, is expanding its operations and presence in Hyderabad and Bengaluru with the funds. They also plan to develop proprietary technologies for streamlining crucial processes. With an impressive growth rate of 200% in the last six quarters, iSprout aims to further expand its premium managed office space offerings in India.
iSprout, a leading brand in India's co-working space sector, recently announced securing a Rs 40 crore investment through the issuance of its inaugural secured bond. This investment comes from Vivriti Asset Management (VAM), a prominent credit asset manager with a portfolio exceeding INR 3000 crore, primarily invested in mid-market enterprises. Established in 2016 by Sundari Patibandla, Sreeni Tirdhala, CA Sesshaa Prasad, and Vijay Oddiraju, iSprout emerged to address the discernible gap in the market and the increasing demand for managed office spaces catering to start ups and established businesses.
Sundari Patibandla, the CEO and Co-Founder of iSprout, shared her perspective on this development, underscoring iSprout's core strength in providing premium managed office solutions complemented by five-star-rated services. She expressed her appreciation for Vivriti Asset Management's confidence in iSprout's vision, acknowledging that this investment empowers the company's gradual yet firm expansion plans across India. The capital thus raised will be judiciously employed to augment and extend the company's assets, with a substantial proportion earmarked for fortifying iSprout's footprint in its existing strongholds of Hyderabad and Bengaluru.
Additionally, these funds will be allocated to the development of in-house technologies that are instrumental in automating pivotal operational processes. Sreeni Tirdhala, the CMO and co-founder of iSprout, pointed out that their workspaces artfully blend the richness of Indian culture with the functionality of Western corporate spaces. The managed office space sector has been experiencing an impressive growth trajectory over the past 4-6 quarters, and iSprout, having already witnessed a remarkable growth rate of 200% over the last 6 quarters, is strategically poised to secure a significant share of the expanding premium managed space market.
iSprout recently unveiled two new office spaces, spanning an impressive 2 lakh square feet, at Divyashree Trinity and My Home Twitza in Hyderabad. Both of these projects have witnessed full occupancy, further reinforcing iSprout's position in the market. Encouraged by this positive momentum, iSprout is accelerating the development of its thirteenth centre, covering more than 1.5 lakh square feet in the strategically located Aurobindo Orbit, with an anticipated completion date of November 2023.
iSprout has set ambitious goals for its future, with plans to surpass 1 million square feet of office space and achieve a turnover exceeding INR 120 crore by the conclusion of the 2023–2024 fiscal year. The company is poised for exponential growth in the coming 1-2 years, with expansion plans extending to its existing strongholds in Hyderabad, Bangalore, Chennai, and Pune, as well as forays into new markets like Delhi NCR and Kolkata.
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