Isprava Group raises $160Cr from Symphony International
The parent business of Isprava and Lohono Stays, Isprava Group, reported raising 160 crore, with Symphony International Holdings Ltd. as the primary investor in Asia. The money will be used to expand the reach of Isprava, a developer of opulent second houses in rural areas, and Lohono Stays, a provider of opulent homestay rentals in India and other international markets.
When the homestay industry is primed for consolidation, Lohono would use the funds for acquisitions. According to the company's founders, a portion of the proceeds would be utilised for general corporate operations and the purchase of property for Isprava. The money will be released in two instalments: the first will be worth $100 crore and the second, $60 crore, will be available in March. The business received $130 million in funding last year from the Burman Family Office, Nadir Godrej Family Office, and others.
"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, "said Symphony Asia chairman Anil Thadani. An investment firm with a focus on Asia's healthcare, hospitality, lifestyle, logistics, and educational sectors is called Symphony International.
Isprava Group was founded by Nibhrant Shah, Dhimaan Shah and Rohan Lamba. 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. Homes under the Isprava brand sell between 7-40 crore.
Its luxury rental homestay business, 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. “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. Second homes in the premium and luxury categories, in non-urban locations, have witnessed huge demand particularly since the pandemic.
"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 will focus on expanding its current locations. We intend to build up considerably with Lohono as well and add 18 to 20 properties each month, he added.
When the homestay industry is primed for consolidation, Lohono would use the funds for acquisitions. According to the company's founders, a portion of the proceeds would be utilised for general corporate operations and the purchase of property for Isprava. The money will be released in two instalments: the first will be worth $100 crore and the second, $60 crore, will be available in March. The business received $130 million in funding last year from the Burman Family Office, Nadir Godrej Family Office, and others.
"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, "said Symphony Asia chairman Anil Thadani. An investment firm with a focus on Asia's healthcare, hospitality, lifestyle, logistics, and educational sectors is called Symphony International.
Isprava Group was founded by Nibhrant Shah, Dhimaan Shah and Rohan Lamba. 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. Homes under the Isprava brand sell between 7-40 crore.
Its luxury rental homestay business, 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. “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. Second homes in the premium and luxury categories, in non-urban locations, have witnessed huge demand particularly since the pandemic.
"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 will focus on expanding its current locations. We intend to build up considerably with Lohono as well and add 18 to 20 properties each month, he added.
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