JM Financial invests Rs 40 cr in co-living operator Isthara Parks

Through its PE fund

JM Financial Private Equity has announced that it has completed its proposed investment of Rs 40 crore in Coimbatore based co-living operator, Isthara Parks. The investment was completed in two tranches between July 2019 and June 2020.

In July 2019, the Company had around 2,300 operational beds in Hyderabad and Bangalore, and another 700 under fit-out. In less than a year, Isthara has expanded operations additionally to NCR and Coimbatore and more than doubled in size, with close to 6,000 operational beds, and strengthened its management team and technology backbone. In the process, the Company became the first co-living operator in India to manage an on-campus student housing facility, with ~700 beds under management in Coimbatore.

The Fund identified Isthara as a promising early-stage investment opportunity in the nascent but fast-growing organized co-living sector in early 2019 and decided to invest in Isthara to support its expansion plans in existing and new markets.

JM Financial India Fund II is a sector-agnostic growth-capital private equity fund set up by JM Financial which invests in high-growth, small to mid-market companies in financial services, consumer, IT / ITeS, infrastructure services and manufacturing sectors.

Isthara provides fully-furnished shared-living accommodation for working professionals and students, along with a host of amenities such as daily meals, WiFi internet, gym, laundry and housekeeping service, etc. Moreover, the Company organises community-focused events on a regular basis to promote co-living amongst residents.

Powered by Capital Market - Live News