JM Financial, India’s leading financial services group that offers an array of services to corporations, financial institutions, high net-worth individuals and retail investors, announced that it has completed its proposed investment of Rs 400 mn in coliving operator, Isthara Parks Private Limited. The investment was completed in two tranches between July 2019 and June 2020.
Commenting on the investment Darius Pandole, Managing Director & CEO, PE & Equity AIFs said, “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 & real estate and proven execution capability. The Fund focuses on backing strong entrepreneurs with disruptive ideas combined with on-ground operational excellence.”
“Having expanded at a rapid pace since the first tranche investment, the Company met the targets laid out for additional funding ahead of anticipated timelines. The second tranche infusion in Isthara will be utilized by the Company to add another 4,000-5,000 beds under executive housing in addition to around 5,000 beds under student housing by the end of the current financial year,” the Company mentioned in their press release.
Commenting on the investment and the Company’s plan going forward, Gilbert James, Managing Director, Isthara said, “in addition to growing on our own, we are scouting for good acquisition opportunities to invest in at reasonable valuations during these times.”
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.
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