Co-living operator Isthara Parks has raised a fresh round of capital from existing investor JM Financial Private Equity, along with Dubai-based Eagle Proprietary Investments and a few family offices.
However, the company didn't disclose the amount raised by it.
The investment comes amidst stellar growth in Isthara Parks' portfolio of managed beds over the last 12 months, despite the pandemic impact.
The latest fundraise will help the firm to capitalise on the growth momentum and further bolster its leadership position in the co-living and student housing sector in India, according to the joint statement issued by Isthara and JM Financial on Thursday.
The company has raised a total of $11 million of external capital so far.
"Challenges of COVID presented us with an opportunity to strengthen our core and prime the business for growth in a capital-efficient manner," Gilbert James, Managing Director (MD), of Isthara said.
Darius Pandole, MD and Chief Executive Officer - PE & Equity AIFs at JM Financial) said the manner in which the Isthara management has responded to COVID-led disruptions is commendable. The company has been able to meet its growth targets, and continue with the targeted operational improvements amid these tough times, which is an impressive feat.
"We have strong conviction in the sector story, and believe the COVID crisis will only expedite the shift from unorganised to organised co-living / student housing operators," he added.
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