Real estate company The Isprava Group has raised Rs 160 crore from investors, including Symphony International Holdings, to expand its business.
With this round of corporate-grade funding, the company stated that its brands, Isprava and Lohono Stays, will use the funds to expand their footprint in India and other key countries.
It will also grow and expand its existing brand portfolio, technology and product development.
Founded by Nibhrant Shah, Dhimaan Shah and Rohan Lamba, Isprava Group is a non-urban luxury residential developer.
In six years, Isprava has delivered more than 160 homes in places like Goa, Aliburg, Kasauli and Nilgiris, with another 270 homes in various stages of construction.
The group’s hotel business, Lohono Stays, has entered the luxury rental market.
Lohono Stays offers ultra-luxury, full-service home rentals and currently has more than 200 properties in India and another 250 properties in Southeast Asia, including Bali, Phuket and the Maldives.
Symphony International Holdings Ltd is a London-listed strategic investment company with investment manager Symphony Asia based in Singapore.
“Both Isprava and Lohono Stays have seen exponential growth over the last few years. We have grown 104% year-on-year since 2017-18,” said Nibhrant Shah, co-founder and CEO of Isprava Group. “The demand for luxury homes in non-urban locations has increased manifold in the last three years,” said Dhiman Shah, co-founder and COO of Isprava Group. According to India Sotheby’s International Realty, prices of luxury properties have increased by 8-12% during the last year across major cities and have crossed the 2015 high.