Hyderabad-based co-living and food court startup Isthara on Wednesday said it has secured $10 million (around Rs 80 crore) in a fresh capital raise from Dubai-based private investment company Eagle Investments.
With the latest round, Isthara claimed to have raised $21 million so far.
The company plans to use the fresh funds to foray into the business-to-consumer retail food court space and expand its footprint in the co-living sector.
Founded by Gilbert James and Vijayan Krishna Kumar in 2017, Isthara offers high-quality shared living spaces, smart food courts, and cafeterias services, it said in a statement. The startup also aims to scale its food court business by 10X to 500 food courts across 30 cities in the next 3 years.
“The funding that we have raised will enable us to build on our B2C portfolio, aggressively scale our operations across the retail food court market, and be a market leader in the segment. We will also look to strategically expand our co-living presence across the country, and continue to disrupt the space by enhancing our tech-enabled co-living solutions. We believe that the food court segment, and the co-living sector, will undergo a massive digital transformation in the coming years, and we aim to be the pioneers of a tech-enabled livtech segment that solves the most basic issues of urban millennials,” said James.
“With its unique business model, tech-focused solutions, and strong scalability potential, Isthara is poised to disrupt the co-living and retail food court segment, and we are excited to support the company’s next growth phase as it continues to make new strides in the livtech segment,” said Elias Kawar, Managing Director of Eagle Investments.
In September last year, Isthara raised a round of funding from existing investors JM Financial Private Equity, along with Eagle Proprietary Investments and a few family offices.
