The Hyderabad-based company will merge its core technology with Letsmobility to develop Framework 2.0, which will enhance the digital interface of the company’s customer-facing applications.
“At Letsmobility, we have always aimed to engineer high-impact tech solutions, accelerate growth and add tremendous value to brands in a rapidly changing ecosystem,” cofounder Gaurav Sharma said. “By joining forces with Isthara, the products we develop will be in better use and will solve real world problems on a larger-scale.”
During the pandemic, Isthara Coliving developed a new business model focused on efficient cost structures and contracts apart from the revenue shared model.
“The coliving sector and institutional cafeteria segment are highly fragmented, and customers are usually subject to several difficulties that arise due to the lack of a real-time and efficient technological solutions platform,” Isthara’s Executive Director Ligouri Godwin said. “The acquisition of Letsmobility will address this gap, with their disruptive platform and expertise in delivering effective tech solutions, which will add significant value to Isthara’s capabilities and offer a more complete service for the digital transformation of both verticals.”
In September 2021, Isthara Coliving received fresh funding from investors JM Financial Private Equity, along with Dubai-based Eagle Proprietary Investments and a few family offices. It has quadrupled its bed count—from 5,700 at the end of March 2020 to 24,000 currently. The firm has signed up 50 food courts across Telangana, Karnataka and Tamil Nadu, catering to over 150,000 people.
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