Isprava Group, the parent company of Isprava and Lohono Stays, has raised Rs 160 crore led by Asia-focused investment firm Symphony International Holdings Ltd.
The funds will be used for expansion of the 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 will 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 company said in a press statement.
According to the company, the fund will come in two tranches- Rs 100 crore in the first tranche and the remaining Rs 60 crore by March. Last year, the firm raised $130 million from Nadir Godrej Family Office, Burman Family Office and others.
Founded by Nibhrant Shah, Dhimaan Shah and Rohan Lamba, Isprava Group claims to have delivered over 160 homes with an additional 270 homes under construction in Goa, Alibaug, Kasauli and the Nilgiris. Homes under the Isprava brand sell between Rs 7-40 crore.
Its luxury rental homestay business, Lohono Stays offers fully-serviced homes for rent and currently has over 200 properties in the country, and another 250 properties in Southeast Asia including Bali, Phuket and the Maldives.
Symphony International is an Asia-focused investment company focusing on healthcare, hospitality, lifestyle, logistics and education sectors.