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JM Financial Private Equity has completed its proposed investment of ₹40 crore in Coimbatore-based co-living operator Isthara Parks Private Ltd.
The investment was completed in two tranches between July 2019 and June 2020, the company said in a regulatory filing.
“We did extensive research on the co-living sector and identified Isthara as a potential leader in the space. The Isthara management brings to the table deep domain knowledge in hospitality, IT and real estate and proven execution capability. The fund focusses on backing strong entrepreneurs with disruptive ideas combined with on-ground operational excellence,” Darius Pandole, Managing Director and CEO, PE & Equity AIFs, said.
Isthara will utilise the second tranche to add another 4,000-5,000 beds under executive housing in addition to around 5,000 under student housing by the end of the current financial year.
“In addition to growing on our own, we are scouting for good acquisition opportunities to invest in at reasonable valuations during these times,” Gilbert James, Managing Director at Isthara, said.
In July 2019, the company had around 2,300 operational beds in Hyderabad and Bengaluru, and another 700 under fit-out. In less than a year, Isthara has expanded operations additionally to the National Capital Region and Coimbatore and more than doubled in size, with close to 6,000 operational beds, and strengthened its management team and technology backbone.
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