Luxury holiday home developer Isprava Vesta Pvt. Ltd has raised Rs 21 crore ($3.1 million) in a new round of funding from a clutch of wealthy individuals, The Economic Times reported, citing founder Nibhrant Shah.
The investors who put money included the Godrej family office, Anand Piramal, son of billionaire businessman Ajay Piramal; and the Taparia family office, founders of contraceptive maker Famy Care, which was sold to Mylan.
The round valued Isprava at nearly Rs 320 crore. Till date, the firm has raised over Rs 70 crore, the report said. This includes the Rs 11 crore it had mopped up from Anand Piramal and others in May last year.
In August last year, VCCircle had reported that the company was looking to raise a larger round of funding.
The company, which was launched in 2013, offers luxury homes in a range of Rs 3 crore and 30 crore in Goa and Nilgiris. It is looking to expand both in India and overseas.
Isprava homes are designed, furnished and maintained by its property management team on behalf of the owners. It also offers rental management as an optional service.
While the company undertakes the construction expense for the properties, the land for the properties is purchased by a third-party investor on a revenue-share basis. The investors for the land typically get about 25% of the project price with Isprava taking the rest.
The company, which claims to have generated net sales of Rs 180 crore by 2017-18, has built 50 luxury homes so far and aims to develop 70 more in the future, the report said. It will use part of the money raised to build luxury homestays and homes for travellers.
Isprava’s clientele includes prominent celebrities across sport and cinema as also industrialists and bankers.