Isprava Raises 21 Cr from Godrej family office & Anand Piramal – BW Disrupt
The company, which already has a strong presence in Goa and the Nilgiris, is now looking to expand to locations as diverse as Alibaug, Pondicherry, Dehradun, and Sri Lanka.
Isprava, a company that develops luxury holiday homes in India, has announced its second fundraise, of Rs. 21 crores (over $3 million), executed in April 2018. With this, the total capital raised by the firm in the last 12 months stands at about Rs 70 crores (over $10 million). The second round is led by Godrej Family office and Anand Piramal, who were also involved in Isprava’s first fund raise, in March 2017.
Buoyed by this fundraise, Isprava plans to develop more luxury holiday homes across the country. The four-year-old company which builds and develops luxury homes ranging between Rs 3 and 30 crore across Goa and the Nilgiris, is now looking to expand to locations as diverse as Alibaug, Pondicherry, Dehradun, and Sri Lanka.
Talking about the fundraise, Nibhrant Shah, Founder and CEO, ISPRAVA said, “We are delighted to once again have the support of some of our key anchor investors who have been integral to the Isprava journey so far. Their backing allows us to further our company’s vision, which is to become the leader in the luxury hospitality and high-end holiday home space. Our discerning clientele is growing, and we look forward to adding to that roster, as we expand into new markets.”
The company has developed about 50 homes so far and expects to scale this to 120 by the end of FY19. “We are already cash flow positive owing to high margins of 25-30%,” Nibhrant Shah added.
Isprava has closed FY18 with Rs 180 crore in revenues and hopes to increase it to Rs 400 crore by FY19.
Each Isprava home is designed by leading international designers, fully furnished using antique furniture sourced from old palaces and mansions and is maintained by Isprava’s property management team on behalf of the owners. Additionally, Isprava also offers rental management as an optional service.
Isprava buyers include the founders/promoters of Infosys and SpiceJet, celebrities and famous sports personalities, among others.