Luxury home developer Isprava raises Rs 160 crore, to expand India, overseas business

The Isprava Group, a luxury home developer focused on non-urban areas, has raised Rs 160 crore in a funding round led by London Stock Exchange-listed Symphony International Holdings Limited, the company said on January 19.

Isprava and its hospitality business Lohono Stays would utilise the funds to expand their footprint in India and other countries. They would look at technology and product development, the company said.

“The reason why we have raised the amount is not because there is a requirement for the money but because they are the right partners for us,” Isprava Group co-founder and CEO Nibhrant Shah said told Moneycontrol.

The company raised a round last year. The focus of the first round of funding was majorly at the project level and that financing was for land acquisition, Shah said.

“This amount is for a more strategic purpose such as acquisition and inorganic growth. Our focus will also be on technology and product development,” he said.

Founded by Nibhrant, Dhimaan Shah and Rohan Lamba, Isprava in six years has delivered over 160 homes with an additional 270 homes under various stages of construction in places such as Goa, Alibaug, Kasauli and the Nilgiris.

Lohono Stays is into luxury rental homestay market. It offers ultra-luxury, fully serviced homes for rent and has more than 200 properties in India and 250 in Southeast Asia including Bali, Phuket and the Maldives.

Dhimaan Shah, co-founder and COO, told Moneycontrol that Isprava has a presence in Goa, Alibaug in Maharashtra, Kasauli in Himachal and the Nilgiris.

“Our strategy going forward will be to double down and go deeper into these locations and not to add new locations in the near future,” he said.

Under Lohono Stays brand, the company has projects in 16 locations and 200 properties are planned in India and 250 in Southeast Asia. Global footprint adds up to 450 properties.

“We will be looking at increasing the Lohono Stays footprint on the domestic front. The 16 locations are expected to increase to 35 locations and 200 homes will become closer to 450 homes domestically by March-April 2024,” said Shah.

As for Isprava, 167 homes have been delivered and an additional 270 homes are under construction.  “Two hundred homes have been sold and will be handed over in the next 18-24 months,” he said.

Rohan Lamba, co-founder and director of Isprava Group, counted Bollywood stars, cricketers, top bankers, lawyers and sportsmen among their customers.

“There is demand for these uber luxury homes from all the big cities in India and even from NRIs based in London, Dubai and Singapore,” he said. “Demand for luxury properties is fast building up in Tier 2 cities as well.”

Symphony International Holdings Limited is a strategic investment company and its investment manager, Symphony Asia, is based in Singapore. It was founder investors in Aman Resorts and the Minor Group, which includes brands like Anantara and Avani.