Team StartupCity

• Isprava raises Rs 250 crore in debt funding from Singapore-based Luxe Opco Holdings
• This is the company’s first fundraise in nearly three years
• The luxury home developer also approves Rs 108 crore investment in Magnara Homes

Luxury home developer Isprava Group has secured Rs 250 crore (around $28.4 million) in debt from Singapore-based Luxe Opco Holdings, marking its first round of funding in almost three years. The company last raised Rs 160 crore in debt from Symphony International Holdings in January 2023.

According to a filing with the Registrar of Companies, Isprava Vesta Pvt Ltd issued 11,95,071 compulsory convertible debentures (CCDs) at Rs 2,091.93 each to raise the new capital. Along with the fresh funding, the company has also approved an investment of Rs 108 crore in Magnara Homes Private Limited through optionally convertible debentures (OCDs).

Founded in 2016 by Nibhrant Shah, Dhimaan Shah, and Rohan Lamba, Isprava builds and rents luxury homes in premium destinations such as Goa, Alibaug, and Coonoor. The company not only sells these high-end villas but also offers them as exclusive vacation homes with services like housekeeping and private chefs. Isprava says it has delivered more than 200 homes since inception.

The Mumbai-based startup has raised close to $188 million so far through both debt and equity. Key investors include the Shah Family Trust and Godrej.

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Isprava reported strong financial performance in FY24, more than doubling its revenue to Rs 452 crore and posting a profit of Rs 63 crore. The company has not yet disclosed its FY25 numbers.

The latest funding is expected to support Isprava’s expansion and strengthen its position in India’s fast-growing luxury holiday home market.