Mumbai, Mar 23 (PTI) iSprout, a co-working space startup, has raised USD 4 million (about Rs 30.5 crore) from private investors and plans to raise USD 10 million in an another funding round shortly.

Co-founder of iSprout Sundari Patibandla said managed office spaces have seen a significant growth and are expected to dominate the commercial real estate sector in the post-pandemic future. The company is now looking at series A funding round of USD 10 million now to capitalize on the expansion of the managed office space market, she said.

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Sreeni Tirdhala, another cofounder, said the company is expanding aggressively now and the forthcoming series-A funding will give the thrust to expand its footprint across the country.

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*Vivriti Asset Management closes second debt fund

Vivriti Asset Management has announced the final closure of its second debt fund with a commitment of Rs 350 crore from banks, insurance companies, corporates, family offices, and HNIs.

The short-term bond fund, a Sebi-registered category II alternative investment fund, aims to return investors' capital on an annual basis and will be investing in debt issued by retail financial services entities with sound business models providing SME loans, microfinance, and consumer finance, the company said.

The fund has already deployed 70 per cent of its commitment across eight investments and has witnessed rating upgrades in its portfolio entities.

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*ICICI Lombard, Airtel Payments Bank partner to offer smartphone insurance

Airtel Payments Bank and ICICI Lombard General Insurance have partnered to offer smartphone insurance.

The product from ICICI Lombard provides financial protection against damage to the phone and its screen resulting from accidents or liquid spills.

With a monthly premium starting at Rs 1,299, customers can get an insurance sum that is equivalent to the purchase price of their smartphone.

Customers can file up to two claims during the policy period, and it also includes free pickup and delivery. PTI BEN

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