Indian innovator of smart food courts and co-living Isthara has raised $10 million in new funding, backed by Eagle Investments of Dubai. With this latest round of fundraising, Isthara has already raised around $21 million.
By 2025, the amount raised will be used to quadruple the number of beds available in co-living and student housing, reaching about 50,000, as per reported by Entrepreneur.com.
Founded in 2017, Isthara offers working professionals and students completely furnished shared housing with a variety of conveniences and high-end features.
“We are delighted to raise a fresh round of funding as we continue our endeavour to revolutionize the highly fragmented co-living and food court segment. We believe that the food court segment, and the co-living sector, will undergo a massive digital transformation in the coming years, and we aim to be the pioneers of a tech-enabled LivTech segment that solves the most basic issues of urban millennials,” said Gilbert James, promoter and managing director of Isthara.
Although Isthara has experienced tremendous development in the B2B institutional cafeteria market, the company hopes to repeat this commercial success in the B2C market by introducing smart food courts at various retail locations.
According to a statement from the company, Isthara wants to develop its food court business by 10 times in the next three years, expanding to 500 locations across 30 cities and serving one million customers monthly. This would result in a 10 times increase in income.
“With a rise in safety and hygiene concerns since the pandemic, we are seeing a fundamental shift as customers across the spectrum are increasingly opting for tech-enabled and safety focused co-living and food options. With its unique business model, tech-focused solutions, and strong scalability potential, Isthara is poised to disrupt the co-living and retail food court segment, and we are excited to support the company’s next growth phase as it continues to make new strides in the Liv-Tech segment,” Elias Kawar, managing director of Eagle Investments.
Hyderabad-based Isthara CoLiving is a leading innovator of smart food courts and a premium co-living brand.