Isthara Parks Private Limited, a leading co-living operator in India, has raised a fresh round of capital from JM Financial Private Equity, an existing investor, along with Dubai-based Eagle Proprietary Investments Limited and a few family offices.
The latest fundraise will help the company to capitalize on the growth momentum and further bolster its leadership position in the co-living and student housing sector in India. The company has raised a total of USD 11 million of external capital so far.
Isthara is promoted by serial entrepreneur Gilbert James who has extensive experience in operationally intensive businesses across hospitality and education through his previous ventures. The operations team is headed by hospitality veteran Vijayan Krishna Kumar who has deep domain expertise through more than two decades of global hospitality experience. Technology is headed by IT solutions expert Ligouri Godwin, and growth by serial entrepreneur Raamkumar.
Commenting on the investment, Darius Pandole (MD & CEO – PE & Equity AIFs, JM Financial) said: “We have strong conviction in the sector story, and believe the COVID crisis will only expedite the shift from unorganized to organized co-living / student housing operators. We look forward to partnering with the new investors to help the Company achieve its growth objectives.”
Speaking on behalf of Eagle Investments, Managing Director, Elias Kawar said, “As our first private equity investment into India, this transaction underscores our confidence in the potential of the Indian markets and emphasizes Eagle’s investment approach of investing in strong management teams across sectors primed for growth”.