Exclusive: Isprava raises Rs 250 Cr debt

Isprava Group, a luxury home development and rental firm, raises Rs 250 crore (approximately $28.4 million) in debt from Singapore-based Luxe Opco Holdings.

This marks the company’s first funding in nearly three years, following its last raise of Rs 160 crore in debt from Symphony International Holdings in January 2023.

The board at Isprava Vesta Pvt Ltd (parent company of Isprava) has issued 11,95,071  compulsory convertible debentures (CCDs) at an issue price of Rs 2,091.93 each to raise the above mentioned amount, according to its filing with the Registrar of Companies (RoC).

In addition, the company approved an investment of Rs 108 crore in Magnara Homes Private Limited through Optionally Convertible Debentures (OCDs), according to the filing.

Isprava Group, founded in 2016 by Nibhrant Shah, Dhimaan Shah, and Rohan Lamba, builds and rents luxury homes in prime locations such as Goa, Alibaug, and Coonoor. In addition to developing and selling these properties, the company offers them as high-end vacation retreats with premium services like housekeeping and private chefs. Isprava claims to have delivered over 200 homes to date.

According to startup data intelligence platform TheKredible, the Mumbai-based company has raised around $188 million to date through a mix of debt and equity. Its lead investors include the Shah Family Trust and Godrej.

During the fiscal year ended March 2024, the company more than doubled its revenue to Rs 452 crore while reporting a profit of Rs 63 crore. It is yet to disclose its financials for FY25.