Luxury holiday home developer Isprava gets Rs 21 cr in second round
MUMBAI: Luxury holiday home developer Isprava has raised Rs 21 crore (over $3 million), in its second institutional round of funding led by the Godrej family office, Anand Piramal, son of billionaire businessman Ajay Piramal, and the Taparia family office, founders of contraceptive maker Famy Care that was sold to Mylan. With this, the total capital raised by Isprava stands at over Rs 70 crore. The investment values Isprava at about Rs 320 crore, a massive jump from the Rs 77 crore it was valued at last year when it raised about Rs 11 crore from investors.
The four-year-old company builds and develops luxury homes ranging between Rs 3 and Rs 30 crore across Goa and Nilgiris and is looking to expand its footprints, both in India and overseas.
“We have developed about 50 homes so far and expect to scale this to 120 by the end of FY19. We are already cash flow positive owing to high margins of 25-30%,” founder Nibhrant Shah told ET. Despite the realty market witnessing turbulence through the past 18 months, Isprava has been an outlier having closed FY18 with Rs 180 crore in revenues, the firm claims.
The capital will also be used to launch a new business line in the hospitality network offering luxury homestays and homes for travellers, similar to the Airbnb model.
The four-year-old company builds and develops luxury homes ranging between Rs 3 and Rs 30 crore across Goa and Nilgiris and is looking to expand its footprints, both in India and overseas.
“We have developed about 50 homes so far and expect to scale this to 120 by the end of FY19. We are already cash flow positive owing to high margins of 25-30%,” founder Nibhrant Shah told ET. Despite the realty market witnessing turbulence through the past 18 months, Isprava has been an outlier having closed FY18 with Rs 180 crore in revenues, the firm claims.
The capital will also be used to launch a new business line in the hospitality network offering luxury homestays and homes for travellers, similar to the Airbnb model.