Isprava Group, the parent company of Isprava and Lohono Stays, said it has raised Rs 160 crore (around $20 million) from Asia-focused investment firm Symphony International Holdings Ltd.
The funds will be used for expansion of footprint of Isprava, which develops luxury second homes in non-urban locations, and Lohono Stays, which offers luxury homestay rentals, in India and overseas markets.
For Lohono, the capital would be used for acquisitions, during a time when the homestay business is ripe for consolidation. Some of the funds would be used for land buying for Isprava and general corporate purposes, the founders of the company said.
The fund will come in two tranches – Rs 100 crore in the first tranche and the remaining Rs 60 crore by March.
“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.
The plan for Isprava is to double down on the existing locations. With Lohono, we plan to scale up significantly too, and add 18-20 properties every month, he added.
