Isthara Parks gets whole of Rs 40 crore investment proposed by JM Financial
New Delhi: Co-living player Isthara Parks has now received the whole of Rs 40 crore investment proposed by investment banking player JM Financial Private Equity, the latter said in a statement.
The investment of Rs 40 crore was done in two parts-in July 2019 and in June 2020. The recent infusion of the Rs 40 corre investment will be used to add capacity by 4,000-5,000 beds under the company’s executive housing category and 5,000 beds in student housing category. Both the expansion are to be done by the end of ongoing fiscal.
“The Isthara management brings to the table deep domain knowledge in hospitality, IT and real estate and proven execution capability," said Darius Pandole, Managing Director and CEO for private equity and alternate investment funds at JM Financial.
The co-living company has been growing at a decent pace since inception. It met all the targets laid out before it for additional funding much before anticipated timelines.
Isthara currently has 6,000 beds in both the categories in its properties in Delhi NCR, Hyderabad and Bengaluru.
"In addition to growing on our own, we are scouting for good acquisition opportunities to invest in at reasonable valuations during these times,” said Isthara Managing Director Gilbert James.