India: Luxury home developer Isprava Group has raised more than $19 million from investment firm Symphony International Holdings Ltd.
The funds raised will be allocated for Isprava’s expansion project which develops luxury second homes in non-urban locations. They will also be used by Isprava’s holiday home rental venture, Lohono Stays, which offers luxury homestay rentals in India and overseas.
Isprava plans on using the incoming capital for buying land and general corporate purposes.
Symphony International is an Asia-focused investment company focusing on healthcare, hospitality, lifestyle, logistics and education sectors.
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.”
Founded by Nibhrant Shah, Dhimaan Shah and Rohan Lamba in 2017, Isprava Group has, since launching, created over 160 homes, with an additional 270 homes under construction in Goa, Alibaug, Kasauli and the Nilgiris.
In September 2019, Isprava Group launched Lohono Stays, which enters into contractual deals with independent owners and developers of ultra-luxury homes across India and South East Asia.
Nibhrant Shah, co-founder and CEO, said: “Isprava and Lohono Stays have both witnessed exponential growth in the last few years. We have grown 104 per cent year-on-year since 2017-18. Symphony has invested in a lot of branded real estate and they understand luxury.”