How this Start-up has Realized the Dream of Buying a Holiday Home for Many Indians
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
From celebrities’ plush houses in vacation spots to billionaires’ farmhouses away from the choked metro cities, Indians are redefining their ways when it comes to holidaying and luxury living.
Buying a beach house or a vacation home at hills is not a dream anymore, says Nibhrant Shah, founder of Isprava. What was people’s dream a few years ago is now turning into a reality as Isprava is making buying vacation homes an easy affair.
In a short time, the company was able to catch the fancy of India’s elite and sell its beautifully designed vacation homes in different parts of the country. Be it celebs, sportspersons or industrialists from or outside India, the company has made its name popular in every elite circle. It has also emerged successful in luring investments from many international and Indian UHNIs that include Godrej Industries, Piramal Family Office etc.
In its fresh round of funding, the company has raised INR 21 crore from its key anchor investors that include Godrej Group, Anand Piramal, and the Taparia family office. After its existing market presence in India, the four-year old luxury home developer is now planning to expand its business overseas.
How was Isprava able to gain a high momentum in such a less time, answers Nibhrant Shah in an exclusive conversation with Entrepreneur India. Shah also shares his roller-coaster journey from being an investment banker to a successful entrepreneur.
Journey from an Investment Banker to Entrepreneur
After quitting the job of an investment banker in London, Shah moved back to India in the quest of starting a business. He tried his luck with a number of startups and eventually cashed in on an idea of opening an accounting firm called, ‘Themis’.
About three years ago, when Shah was away from his hometown Mumbai on a Goa vacation, he saw how more and more people were enthused with the idea of buying vacation homes. He saw it as the opportune moment and without delay, decided to start a company that can offer people their dream vacation homes.
“Isprava started out of two things, one was catering to the people’s desire of buying vacation homes. Second was to augment the entire home buying experience in India,” said Shah.
This is what Made Isprava Peddle Growth in less than Expected Time
Unlike other real estate players, Isprava was able to tap an untouched section of the market which had a huge potential.
Like every entrepreneur, Shah also faced similar challenges in his journey like capital allocation and investors’ support. His dedication to take Isprava homes to top vacation spots brought leading international designers and businessmen together in no time. Isprava homes now boasts a clientele that includes celebs like ex-cricketer Sunil Gavaskar, and several leading industrialists.
“We had an opportunity to do a project in Mumbai, but we stuck to our idea and belief. That’s what has allowed us to grow in terms of size and numbers,” he added.
The company has grown exponentially from its initial valuation stage and is now on the verge of crossing INR 200 Cr. evaluation mark by this year. Without losing focus on its existing markets, Goa and the Nilgiris, Isprava has successfully expanded to other holiday destinations in India like Alibaug, and internationally to Sri Lanka.
Aspiring to be the Leader
Since April 2017, the company has sold close to 50-60 homes. “We are aiming at higher targets for 2018, said Shah. When asked how the market in India is responding to the idea of buying holiday homes, Shah quipped, “There is definitely a high-end market for buying holiday homes coupled with huge demand. The demand is mainly fuelled by people wanting to escape the hustle and bustle of metro cities and spend time in the laps of nature and also, the young adults in their 20s and 30s who frequently go out on vacations.
“We are the only company catering to the demand for vacation homes in India and aiming to cross the billion dollar valuation mark this year,” said a confident Shah.
Besides Themis and Isprava, Shah is also associated with two other companies called Snackible and Stylecracker.