“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,” JM Financial said in a press statement.
The fund raising comes at a time when the economy is opening up rapidly following the second wave of the COVID-19 pandemic. State governments are steadily opening up schools and colleges, which could help in the influx of students into urban centers like Mumbai and Delhi.
“We have strong conviction in the sector story, and believe the COVID crisis will only expedite the shift from unorganized to organized co-living or student housing operators,” said Darius Pandole, MD and CEO for PE and equity AIF at JM Financial.
Isthara Parks has increased its bed count by three times from 5,700 at the end of March 2020 to 17,000 currently and is present in Hyderabad, Bengaluru, Delhi-NCR and Chennai.
“Challenges of COVID presented us with an opportunity to strengthen our core and prime the business for growth in a capital-efficient manner,” said Gilbert James, managing director at Isthara.
