Investment banking firm JM Financial on Wednesday said its private equity fund has completed the investment of Rs 40 crore in Coimbatore-based co-living operator Isthara Parks.
Last year, the JM Financial-managed fund had signed a definitive agreement with Isthara Parks to pick up a minority stake in the co-living firm.
The investment of Rs 40 crore was completed in two tranches between July 2019 and June 2020, the company said in a statement.
"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," JM Financial Private Equity Managing Director and CEO Darius Pandole said.
The second tranche infusion in Isthara will be utilised 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 release said.
Isthara already has nearly 6,000 beds in its portfolio across properties in Hyderabad, Bengaluru and Delhi-NCR.
Commenting on the investment and the company's plan going forward, Isthara Managing Director Gilbert James said, "In addition to growing on our own, we are scouting for good acquisition opportunities to invest in at reasonable valuations during these times.
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