The investment was completed in two tranches between July 2019 and June 2020.
Isthara provides fully-furnished shared-living accommodation for working professionals and students along with a host of amenities like daily meals, wi-fi internet, gym, laundry and housekeeping service.
“The Isthara management brings to the table deep domain knowledge in hospitality, IT and real estate and proven execution capability,” said Darius Pandole, Managing Director and CEO for private equity and alternate investment funds at JM Financial.
“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, Isthara met the targets laid out for additional funding ahead of anticipated timelines.
The second tranche infusion in Isthara will be utilised by the company to add another 4,000 to 5,000 beds under executive housing in addition to around 5,000 beds under student housing by the end of current financial year.