iSprout, a co-working space startup today secured an investment of Rs 40 crore through the issuance of its first secured bond. It was subscribed by Vivriti Asset Management (VAM), a leading performing credit asset manager with investments of over 3000 crore in mid-market enterprises.
iSprout was founded in 2016 by Sundari Patibandla, Sreeni Tirdhala, CA Sesshaa Prasad, and Vijay Oddiraju to fill the very noticeable gap and the demand for managed office spaces for startups and established businesses.
Sharing her views on the same, Sundari Patibandla, CEO and Co-founder commented, “iSprout’s core strength lies in proving premium managed office solutions with five-star rated services. The faith shown by Vivriti Asset Management in our vision to create a better and more inviting work environment has resulted in helping us fund our dreams of slow but steady expansion across India.”
The funds will be utilised 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. Funds raised will also be used to develop proprietary technologies to automate crucial procedures.
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