Isthara Parks, a Coimbatore-based co-living startup has raised $5.7 million (₹40 crore) funding from JM Financial India Fund II.
The startups will use the infused funds to expand its operations in existing markets Hyderabad, Bengalur, and Delhi-NCR, including other key countries in Asia.
“Partnering with entrepreneurs and management teams with the vision to build scalable and sustainable businesses has been the key focus of JM Financial Private Equity. Isthara has been growing consistently since it was founded and we strongly believe in the management’s disciplined approach,” Darius Pandole, managing director and CEO, Isthara said.
Founded in 2017 by Gilbert James Laurduraj, Isthara provides fully-furnished shared-living accommodation for working professionals and students, along with a host of amenities such as daily meals, Wi-Fi connectivity, gym facilities, laundry and housekeeping services, etc.
Whereas, JM Financial India Fund II is a sector-agnostic growth-capital private equity fund set up by JM Financial. It invests in high-growth, small to mid-market companies in financial services, consumer services, IT / ITeS, infrastructure services and manufacturing sectors.
A recent PropTiger report has noted that coliving segment has the potential to grow into a $93 billion market in India.
The report estimated an untapped demand of approximately 46.3 million beds in India, of which 8.9 million beds are required for student housing.
By 2022, India’s coliving industry is expected to be 20 times bigger than it was in 2018 with the shared-living market valued at $120 million, as per RedSeer Consulting.
While, other co-living startups in India constitutes NestAway, Stanza Living, Coho, YourSpace, Zolo Stays, Stayabode, SimplyGuest, etc.