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Exclusive: Isprava raises Rs 250 Cr debt

EntrackrEntrackr · 21d ago
Exclusive: Isprava raises Rs 250 Cr debt
Medial

Isprava Group, a luxury home development and rental firm, raises Rs 250 crore (approximately $28.4 million) in debt from Singapore-based Luxe Opco Holdings. This marks the company’s first funding in nearly three years, following its last raise of Rs 160 crore in debt from Symphony International Holdings in January 2023. The board at Isprava Vesta Pvt Ltd (parent company of Isprava) has issued 11,95,071 compulsory convertible debentures (CCDs) at an issue price of Rs 2,091.93 each to raise the above mentioned amount, according to its filing with the Registrar of Companies (RoC). In addition, the company approved an investment of Rs 108 crore in Magnara Homes Private Limited through Optionally Convertible Debentures (OCDs), according to the filing. Isprava Group, founded in 2016 by Nibhrant Shah, Dhimaan Shah, and Rohan Lamba, builds and rents luxury homes in prime locations such as Goa, Alibaug, and Coonoor. In addition to developing and selling these properties, the company offers them as high-end vacation retreats with premium services like housekeeping and private chefs. Isprava claims to have delivered over 200 homes to date. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised around $188 million to date through a mix of debt and equity. Its lead investors include the Shah Family Trust and Godrej. During the fiscal year ended March 2024, the company more than doubled its revenue to Rs 452 crore while reporting a profit of Rs 63 crore. It is yet to disclose its financials for FY25.

Ultrahuman reports Rs 620 Cr revenue in 2024

EntrackrEntrackr · 10m ago
Ultrahuman reports Rs 620 Cr revenue in 2024
Medial

Ultrahuman reports Rs 620 Cr revenue in 2024 Wearable tech startup Ultrahuman has recorded a skyrocketing jump in its operating scale to $74.5 million (approximately Rs 620 crore) for calendar year 2024 or CY24, according to the company’s annual report disclosure. This represents an almost six-fold increase in revenue compared to $12.9 million (approximately Rs 107 crore) in 2023 (CY23). The Bengaluru-based firm achieved a similar revenue figure for FY24. Based on current trends, Ultrahuman is likely to surpass the Rs 620 crore revenue mark in FY25. While Ultrahuman closed FY24 with Rs 39 crore loss, the company posted 11% profit before tax (PBT) and an 8% EBITDA during the last calendar year (CY24), as per the report published by the firm. Ultrahuman credited its growth to the flagship Ring AIR, which accounted for 90% of its revenue to $67 million in CY24, compared to $7 million in CY23. The rest of the income came from PowerPlug/ UltraHuman X and extended ecosystem (M1, Home, and Blood Vision) which recorded $2.8 million and $4.3 million revenue, respectively. Moreover, the Nexus Ventures-backed company registered its highest-ever sale of $17.7 million in November last year, as per the report. To meet rising demand, Ultrahuman scaled its Bengaluru UltraFactory by 15X in 2024 and launched a new facility in Plano, Texas to boost innovation and supply chain efficiency. Importantly, the Mohit Kumar-led company achieved this growth without any ad spend. As per the company, it targeted organic growth, direct sales, and retail expansion during the last year (2024). The report added that its retail sales surged to 35% in 2024, up from 20% in 2023, while D2C remained strong at 41%. The growth was driven by strong performance in emerging markets such as Thailand, Hungary, and Germany, along with continued strength in core markets including the US, India, UAE, and the UK. When it comes to gender demographics, women users grew to 44% of Ultrahuman’s base in 2024, up from 29% the previous year. This growth was steered by features like Cycle Insights, Ovulation Tracking, and the introduction of size 5 for the Ring AIR. Ultrahuman has raised over $60 million, including a $35 million Series B round led by Zomato founder and chief executive Deepinder Goyal and existing investors. Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures, while co-founders Mohit Kumar and Vatsal Singhal own 28.9% of the company.

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