Isprava Group, a luxury home developer and home rental company, has raised more than $19.5 million in fresh funding.
The investment in the Mumbai, India-based company is led by Symphony International Holdings.
The funds will go towards acquisitions and development in new markets in India as well as internationally.
Isprava operates the Isprava brand for property development and Lohono Stays brand for luxury rentals with homes in non-urban locations.
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According to a release, Lohono Stays has 200 properties in India and a further 250 across Southeast Asia.
Nibhrant Shah, co-founder and CEO of Isprava Group, says: “Isprava and Lohono Stays have both witnessed exponential growth in the last few years. We have grown 104% year-over-year since 2017-2018.”
Dhimaan Shah, co-founder and COO, says demand for luxury homes in non-urban locations has increased significantly in the past three years.
He also says that the growing number of high net worth individuals in India is helping fuel the demand and will “further cement” the Isprava Group’s position.
In April 2022, the company raised $130 million, saying it planned to drive growth with the investment.