Isprava Group, the parent company of Isprava and Lohono Stays, has raised Rs 160 crore (around $20 million) from Asia-focused investment firm Symphony International Holdings Ltd.
The fund will come in two tranches, Rs 100 crore in the first tranche and the remaining Rs 60 crore by March.
As per the firm, the raised funds will be used for expanding the footprint of Isprava and Lohono Stays.
Isprava and Lohono Stays
Founded by Nibhrant Shah, Dhimaan Shah and Rohan Lamba, Isprava Group operates two brands-Isprava and Lohono Stays. Isprava develops luxury second homes in non-urban locations, whereas Lohono Stays offers luxury homestay rentals in India and overseas markets.
In the last six years, Isprava has delivered over 160 homes, with an additional 270 homes under construction in Goa, Alibaug, Kasauli and the Nilgiris. Lohono Stays offers fully-serviced homes for rent and currently has over 200 properties in the country, and another 250 properties in Southeast Asia, including Bali, Phuket and the Maldives.
Speaking about the development, Nibhrant Shah, co-founder and CEO of Isprava Group, said,
“Isprava and Lohono Stays have both witnessed exponential growth in the last few years. We have grown 104% year-on-year since 2017-18. Symphony has invested in a lot of branded real estate, and they understand luxury.”
As per the founders, for Lohono, the raised fund would be used for acquisitions. Part of the funds would be used for land buying for Isprava and general corporate purposes, the founders added.
Commenting on the development, Dhimaan Shah, co-founder and COO of Isprava Group, said,
“The demand for luxury homes in non-urban locations has grown manifold in the past three years. Consumers have realized and acted upon the need to own luxury homes in non-urban locations so that their families can lead cleaner and better lives. As the number of Indian HNIs grows, both Isprava and Lohono Stays will further cement their leadership position by fulfilling this massive demand.”
Dhimaan added that the plan for Isprava is to double down on the existing locations. With Lohono, the firm plans to scale up significantly and add 18-20 properties every month.
Investments in the proptech firms are expected to cross $1 billion in 2025, as per the ‘Real Estate 3.0: Technology-led growth’ report by CII and Colliers. Last year, several proptech startups, including Blox, Homesfy Realty, Zapkey and POPT, raised funds.
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