Isprava Group, the company widely known for its role in the luxury real estate boom in Goa, is about to complete an investment of ₹850 crore with Alta Capital to sell a significant minority stake to the investor, marking the largest fundraise of the company to date, as per the sources.
The deal will be a mix of primary and secondary shares, thus, Isprava will be able to extend its reach to more vacation destinations like Goa, Alibaug, Karjat, and Kasauli with the help of the investment. The company plans to provide global luxury home options for its high-net-worth clients and also give some early investors a chance to partially exit from the business.
Key Highlights
Once the deal is closed, in addition to founders Nibhrant and Dhimaan Shah and Rohan Lamba, Alta Capital will be the major shareholder.
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Isprava, supported by the likes of the Burman family of Dabur, Nadir Godrej, and Anand Piramal, is a brand house. Its primary brand caters to the development of ultra-luxury second homes, whereas the subsidiary Lohono Stays is into the management of high-end vacation rentals spread across India and other global markets like Thailand, Bali, Mauritius, and Italy.
Alta Capital, which is the Indian operating partner of Hillhouse Investments and was set up in 2019 by former Blackstone executive Siddhartha Gupta, has invested over $1.1 billion in the real estate sectors like warehousing and student housing.
The news of the investment came when India's luxury and second-home market was booming due to the lifestyle changes caused by the pandemic and the increase in domestic wealth.
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