Coliving Startup Isthara Eyes Global Expansion With Fresh Funding

Coliving Startup Isthara Eyes Global Expansion With Fresh Funding

SUMMARY

JM Financial India Fund II invested in the $5.7 Mn round

The funds will be used to expand in existing markets

Isthara manages about 3K beds across 29 properties

Coimbatore-based coliving startup Isthara Parks has raised $5.7 Mn (INR 40 Cr) funding from JM Financial India Fund II.

The startup said it would use funding to expand its operations in existing markets Hyderabad, Bengaluru and Delhi NCR initially, as well as in other key cities in Asia.

Founded in 2017 by Gilbert James Laurduraj, Isthara provides fully-furnished shared-living accommodation for working professionals and students, along with a host of amenities such as daily meals, Wi-Fi connectivity, gym facilities, laundry and housekeeping services, etc.

The company also hosts community-focussed events on a regular basis. It claims to manage about 3K beds across 29 properties in Hyderabad, Bengaluru and Delhi NCR.

Darius Pandole, managing director and CEO, PE and Equity AIFs, Isthara said, “Partnering with entrepreneurs and management teams with the vision to build scalable and sustainable businesses has been the key focus of JM Financial Private Equity. Isthara has been growing consistently since it was founded and we strongly believe in the management’s disciplined approach.”

JM Financial India Fund II is a sector-agnostic growth-capital private equity fund set up by JM Financial. It invests in high-growth, small to mid-market companies in financial services, consumer services, IT / ITeS, infrastructure services and manufacturing sectors.

Here’s a look at recent investments in the segment:

  • March 2019: StayAbode received an undisclosed amount as an add-on to the Pre-Series A funding from Voyage Group, Akatsuki and Incubate Fund.
  • March 2019: New Delhi-based  Stanza Living raised $4.4 Mn in venture debt from Alteria Capital.
  • March 2019: Singapore-headquartered Oxfordcaps raised $8 Mn funding led by Times Internet with participation from existing investors Kalaari Capital and Silicon Valley-based 500 Startups.
  • April 2019: Bengaluru-based Colive raised $9.2 Mn (INR 63 Cr) in its Series A funding round led by the real estate company Salarpuria Sattva Group.
  • April 2019: Gurugram-based coliving startup Housr raised seed funding round of an undisclosed amount from marquee real estate players.

However, at present, the absconded founders of Homigo with an alleged fraud of about INR 20 Cr have raised concerns around trust in the coliving sector.

A recent PropTiger report has noted that coliving segment has the potential to grow into a $93 Bn market in India. The report estimated an untapped demand of approximately 46.3 Mn beds in India, of which 8.9 Mn beds are required for student housing.

By 2022, India’s coliving industry is expected to be 20 times bigger than it was in 2018 with the shared-living market valued at $120 Mn (INR 845 Cr), as per RedSeer Consulting.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Coliving Startup Isthara Eyes Global Expansion With Fresh Funding-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Coliving Startup Isthara Eyes Global Expansion With Fresh Funding-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Coliving Startup Isthara Eyes Global Expansion With Fresh Funding-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Coliving Startup Isthara Eyes Global Expansion With Fresh Funding-Inc42 Media
Coliving Startup Isthara Eyes Global Expansion With Fresh Funding-Inc42 Media
You’re in Good company