Mumbai-based Isprava Group, the parent of Isprava and Lohono, has raised Rs 160 crore in a round led by the UK-based Symphony International Limited.
The parent company is planning to utilise the funds for Isprava and Lohono. Isprava, which is known for developing luxury homes in non-urban cities, will use the capital to strengthen its footprints. On the other hand, Lohono, which offers homestay services in Indian and overseas markets, will utilise the funds for strategic business acquisitions. Additionally, the Isprava group will buy some land with the funds.
In a statement, the company said that it would receive the funds in two tranches. It would receive Rs 100 crore in the first tranche and in the second tranche, it would receive Rs 60 crore
Prior to this, the Isprava group raised $130 million in a round led by Nadir Godrej and Burman Family Office, last year.
“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, the co-founder of Isprava Group, said.
"Isprava and Lohono Stays have led the effort to create a huge market for luxury homes and holiday rental properties in India. With the clear trend of aspirational lifestyle choices amongst the increasingly affluent population, the Isprava Group is perfectly positioned to meet this growing demand for non-urban luxury homes," Anil Thandani, the chairman of Symphony Asia, said.
Founded by Nibhrant Shah, Dhimaan Shah and Rohan Kulla, the company has claimed to deliver more than 160 homes. It has 270 homes under construction in Goa, Alibaug, Kasauli and the Nilgiris.