The parent company of Isprava and Lohono Stays, Isprava Group, announced a 160 crore funding round led by Asia-focused investment firm Symphony International Holdings Ltd. The funds will be used to expand the footprints of Isprava, which develops luxury second homes in non-urban areas, and Lohono Stays, which provides luxury homestay rentals in India and other markets.
Lohono intends to use the funds for acquisitions at a time when the homestay industry is ripe for consolidation. According to the company's founders, some of the funds will be used to purchase land for Isprava and for general corporate purposes.
The fund will be distributed in two instalments: 100 crore in the first instalment and the remaining 60 crore by March.
Last year, the company raised $130 million from Nadir Godrej Family Office, Burman Family Office and others.
"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," said Anil Thadani, chairman of Symphony Asia.
Symphony International is an Asia-focused investment firm with a focus on healthcare, hospitality, lifestyle, logistics, and education.
Nibhrant Shah, Dhimaan Shah, and Rohan Lamba founded Isprava Group. Isprava has delivered over 160 homes in the last six years, with an additional 270 homes under construction in Goa, Alibaug, Kasauli, and the Nilgiris. Isprava homes range in price from 7 to 40 crore.
Lohono Stays, its luxury rental homestay business, offers fully-serviced homes for rent and currently has over 200 properties in the country, as well as another 250 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.
"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," said Dhimaan Shah, co-founder and COO of Isprava Group.
Isprava intends to expand beyond its current locations. We plan to significantly scale up Lohono as well, adding 18-20 properties every month, he added.