Isprava Group is a developer of luxury homes that announced a 130.6 percent increase in operational revenue to Rs 452 crore in FY24. The startup provides rental management services with features like private chefs and housekeeping. The company offers luxury homes in locations like the Nilgiris and Goa. The income from the real estate business is the company’s primary source of revenue. The startup also earns its income through hospitality services.
The real estate business accounted for 81.86 percent of the total operating revenue. This income increased by 89 percent and crossed Rs 370 crore. The overall revenue generated was around Rs 458.5 crore in FY24. This includes interest income on investments of Rs 7 crore. The company has secured over 160 million USD across multiple funding rounds since its inception, including $20 million raised during its series B funding round from Kamrup Enterprise, Symphony Asia Holdings, and other investors.
The Mumbai-based startup allows users to rent luxury rooms as high-end vacation retreats. The startup also provides homes ranging from Rs crore to Rs 30 crores. The cost of procurement accounts for 72 percent of the total expenses and increased by 94 percent to Rs 299 crore in FY24. However, the advertisement cost increased twice to Rs 14 crore, and other expenses accounted for Rs 37.3 crore in the same duration.
The firm saw a 100 percent increase in its total expenditure to Rs 412 crore in FY24. The startup posted a profit of Rs 63 crore in this financial year. Traveling, legal, rent, and other expenses increased the overall expenditure. Meanwhile, the employee benefits increased by 3 times to Rs 61.7 crore. The home developer startup offers its services while meeting market demands. The company managed to control its losses of Rs 7.5 crore through cost-cutting measures and turned profitable.
The startup receives investment from 22 institutional investors including Symphony Asia Holdings, Guardian Advisors, and Burman Family Holdings. The existing investor, Kreosus Consulting is the largest institutional investor of the firm. The company has a current asset of Rs 446 crore with a cash and bank balance of Rs 119 crore in FY24. The EBITDA margin improved and stood at 12.45 percent while the ROCE was around 22.64 percent in FY24. Isprava Group faces competition from other companies in the same market segment such as Lodha Group, Oberoi Realty, and Shriram Properties.
Conclusion :
The developer of luxury homes, Isprava announced a 130.6 percent increase in its revenue from operations to Rs 452 crore in FY24. This home developer offers rental management and hospitality services. The income from real estate business and interest income on investments are the firm’s primary sources of revenue.
The firm’s profit also stood at Rs 63 crore in FY24. The total expenditure increased by 100 percent and crossed Rs 412 crore in the same duration. The company turned profitable for this financial year. The company has secured over 160 million USD across multiple funding rounds.
Ganesh Pathak is the Founder and Ceo of Saletancy.
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