Isprava Group, which operates Isprava and Lohono Stays, on Monday said it has raised $130 million (around Rs 987 crore) in a funding round led by marquee family offices including Nadir Godrej and Burman, among others.
The startup in a statement said that the capital has been raised as a combination of corporate-level equity and project-level equity.
“We have witnessed exponential growth for both Isprava and Lohono Stays in the last few years. These funds raised will help us further delight our customers, scale both businesses and build out our tech stack.
We are excited to continue to grow both companies and ensure that they continue to be loved by their customers," said Nibhrant Shah, Co-Founder and CEO, Isprava Group.
The Isprava Group, founded by Nibhrant Shah, Dhimaan Shah and Rohan Lamba, currently operates two companies - Isprava and Lohono Stays. Isprava is a non-urban, luxury home developer.
It has over 110 projects worth $200 million spread across Goa, Alibaug, the Nilgiris and Kasauli.
Lohono Stays is a luxury homestay and hospitality company that has over 105 properties in India spread across 15 locations and over 250 properties in South East Asia (Bali, Phuket, etc).
“The demand for luxury real estate and unique experiences among HNIs has grown exponentially over the last several years. Both Isprava and Lohono Stays have firmly established themselves as category leaders in their respective industries.
We believe the market for both these businesses is going to expand rapidly and we have built a solid foundation on which both the companies are ready to grow even more exponentially over the next several years," said Dhimaan Shah, Co-Founder and COO, Isprava Group.
In 2018, the company raised Rs 21 crore (around $3.1 million) from Godrej family office, Anand Piramal, son of billionaire businessman Ajay Piramal; and the Taparia family office.