Isprava Group, a prominent player in luxury home development and rentals, has successfully raised Rs 250 crore (around $28.4 million) in debt financing from Luxe Opco Holdings based in Singapore. This represents the company’s first funding round in close to three years, following its previous debt raise of Rs 160 crore from Symphony International Holdings in January 2023. The board of Isprava Vesta Pvt Ltd, the parent entity of Isprava, has issued 11,95,071 compulsory convertible debentures (CCDs) at an issue price of Rs 2,091.93 each to achieve this funding, as stated in its filing with the Registrar of Companies (RoC).
In addition, Isprava Group has greenlit an investment of Rs 108 crore in Magnara Homes Private Limited via Optionally Convertible Debentures (OCDs), according to the same filing. Established in 2016 by Nibhrant Shah, Dhimaan Shah, and Rohan Lamba, Isprava Group focuses on crafting and renting luxury residences in sought-after locales like Goa, Alibaug, and Coonoor. Beyond developing and selling these high-end properties, the company offers them as exclusive vacation retreats, complete with premium amenities such as housekeeping and private chefs.
Isprava Group proudly claims to have delivered over 200 homes thus far. According to various sources from a startup data intelligence platform, the Mumbai-based firm has secured approximately $188 million in total funding through a diverse mix of debt and equity. Notable investors include the Shah Family Trust and Godrej. During the fiscal year ending March 2024, Isprava more than doubled its revenue to Rs 452 crore, boasting a profit of Rs 63 crore. Financial results for FY25 have not yet been disclosed.
