Isprava Group raises Rs 160 crore from Symphony International
- ByStartupStory | January 20, 2023
Isprava Group, the parent company of Isprava and Lohono Stays, reported raising Rs 160 crore, with Symphony International Holdings Ltd. serving as the major Asian investor. The funds will be used to broaden the reach of Lohono Stays, a provider of luxury homestay rentals in India and other foreign markets, as well as Isprava, a developer of opulent second homes in rural locations.
Lohono would use the money for acquisitions when the homestay sector is ready for consolidation. The company’s founders stated that a portion of the proceeds would be used for general corporate purposes including the acquisition of real estate for Isprava. Two instalments of the funds will be made available: the first will be worth $100 crore, and the second, worth $60 crore, will be made accessible in March.
Symphony Asia chairman Anil Thadani said, “The initiative to develop a sizable market for luxury residences and vacation rental properties in India has been spearheaded by Isprava and Lohono Stays. The Isprava Group is well-positioned to address this expanding demand for non-urban luxury residences given the clear trend of aspirational lifestyle choices among the populace. “
Symphony International is an investment company with a focus on Asia’s healthcare, hospitality, lifestyle, logistics, and educational sectors.
Nibhrant Shah, Dhimaan Shah, and Rohan Lamba created Isprava Group. Isprava has delivered over 160 homes in the previous six years, and 270 more are currently being built in Goa, Alibaug, Kasauli, and the Nilgiris. Isprava homes sell at between 7 and 40 crore.
Currently, Lohono Stays, a luxury homestay company, has over 200 properties in the nation and another 250 properties throughout Southeast Asia, including Bali, Phuket, and the Maldives. It offers fully-serviced residences for rent.
“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,” Nibhrant Shah, co-founder and CEO, Isprava Group said in an interview. Particularly since the pandemic, there has been a tremendous demand for second houses in the premium and luxury categories in non-urban areas.
“In the last three years, there has been a tremendous increase in demand for luxury properties outside of urban areas. Customers have seen the demand for luxury homes in rural areas and taken action to ensure that their family can live healthier and better lives. Isprava and Lohono Stays will both further solidify their leadership positions by satisfying this enormous demand as the number of Indian HNIs rises “Isprava Group co-founder and COO Dhimaan Shah remarked. Isprava’s primary goal will be to grow its current sites. With Lohono, we also want to expand significantly and add 18 to 20 properties monthly, he continued.
Follow Startup Story
Related Posts
