Luxury Home Developer Isprava Raises Rs 160 Crore in Funding
The Isprava Group player in the non-urban luxury home market – has raised Rs 160 crore in a recent funding round led by Symphony International Holdings Limited. With this round of corporate-level funding, both brands (Isprava and Lohono Stays) will use the funds to increase their footprint across India and other key countries, as well as to develop and broaden the present brand portfolio, technology and product development, while strengthening strategic alliances that will promote growth. The Isprava Group, Founded by Nibhrant Shah, Dhimaan Shah and Rohan Lamba is India’s leading non-urban, luxury home developer. In six years, Isprava has delivered over 160 homes with an additional 270 homes under various stages of construction in locations such as Goa, Alibaug, Kasauli and the Nilgiris. The group’s hospitality business, Lohono Stays is the fastest-growing brand in the luxury rental homestay market. Lohono Stays offers ultra-luxury, fully serviced homes for rent and currently has over 200 properties in India with an additional 250 properties in Southeast Asia including Bali, Phuket and the Maldives. Symphony International Holdings Limited is a London-listed, strategic investment company & its Investment Manager, Symphony Asia, is based in Singapore. The team at Symphony has made major investments in some of the leading branded real estate and hospitality companies globally. They were founder investors in Aman Resorts and the Minor Group which now includes brands like Anantara, and Avani, amongst others. Sharing his thoughts on the new partnership, Anil Thadani, Chairman of Symphony Asia, said, "Isprava and Lohono Stays have led the effort to create a huge market for luxury homes and holiday rental properties in India. With the clear trend of aspirational lifestyle choices amongst the increasingly affluent population, the Isprava Group is perfectly positioned to meet this growing demand for non-urban luxury homes. We are delighted to partner with Isprava and to assist in any way we can to take the business to greater heights." Nibhrant Shah, Co-founder and CEO of Isprava Group, said, "Isprava and Lohono Stays have both witnessed exponential growth in the last few years. We have grown 104% y-o-y since 2017-18. Symphony’s experience in building remarkable companies will help us further delight customers and build world-class brands." Dhimaan Shah, Co-founder and COO of Isprava Group, said, "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. We are very excited to partner with Symphony to grow the business immensely and double down on our DNA of timeless, unmatched luxury in real estate and hospitality." Rohan Lamba, Co-founder and Director of Isprava Group, further added, “We are delighted to partner with Symphony at such a crucial phase of Isprava’s growth. It truly is a game-changing event towards our journey of making Isprava & Lohono the ultimate brand for luxury homes and hospitality in India. We look forward to building a world-class business along with Symphony in the years to come.”
Tags : Isprava Group non-urban luxury home market funding Symphony International Holdings Limited Anil Thadani Chairman Symphony Asia Nibhrant Shah Co-founder and CEO Dhimaan Shah Co-founder and COO Rohan Lamba Co-founder and Director Isprava Group