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Isthara raises $10 million in fresh funding round to expand presence
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Wednesday, 26 October, 2022, 13 : 00 PM [IST]
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Our Bureau, Mumbai
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Isthara,India’s premium co-living brand and smart food court pioneer,has raised fresh funding of $10 million (?81 crore)led byDubai-based Eagle Investments.The current funding round brings the brand’s total fund-raise to about $21 million.
The brand, which currentlyoperates in the co-living and institutional smart food court space, will deploy the new funds to foray into the B2C retail food court space and expand its presence in the co-living sector. While it has witnessed immense growth in the B2B institutional cafeteria segment, the company aims to replicate this business success in the B2C space by launching smart food courts across retail locations such as malls, with an aim to become the pan-India market leader in the food court segment.
Additionally, with the company’s foray in to the B2C food retail segment, it will also be able to widen the customer base potential and not be limited by a captive audience as is the case with institutional cafeterias.The company aims to scale the food court business by 10X to 500 food courts across 30 cities in the next three years, catering to a million people on a monthly basis.The funding will also be utilised to double bed capacity in the co-living and student accommodation segments to around 50,000 beds by 2025, and the company aims to achieve a 10X revenue growth in the next three years.
Founded in 2017, the company, placing tech at the core of its business, has been revolutionising the co-living segment and operating over 24,000 beds across the country.Through its co-living spaces, it provides fully-furnished shared-living accommodation for working professionals and students, with a host of amenities paired with premium features.During the pandemic, it developed a new co-living business model,as a result of which the company witnessed a bed count growth rate of over 400% since the pandemic.
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