Coliving Startup Isthara’s FY23 Loss Surges 54% To INR 30.5 Cr

Coliving Startup Isthara’s FY23 Loss Surges 54% To INR 30.5 Cr

SUMMARY

The coliving startup’s operating revenue zoomed 161% to INR 67.5 Cr in FY23 from INR 25.8 Cr in the previous fiscal year

Isthara is looking to double the turnover of the food court segment in FY24, with a particular focus on retail and wayside amenities, to increase its revenue

In line with the rise in revenue, Isthara’s total expenditure more than doubled to INR 100.2 Cr Cr from INR 45.6 Cr in FY22

Coliving startup Isthara reported a 54% increase in its net loss to INR 30.5 Cr in the financial year 2022-23 (FY23) from INR 19.8 Cr in FY22 on higher cash burn because of growth in its business.

Founded in 2017 by Gilbert James and Vijayan Krishna Kumar, Isthara offers coliving spaces, smart food courts, and cafeteria services to working professionals and students. It claims to manage over 24K beds across Hyderabad, Bengaluru, Delhi NCR, and Chennai.

The coliving startup’s operating revenue zoomed 161% to INR 67.5 Cr during the year under review from INR 25.8 Cr in the previous fiscal year, as per its filing with the Ministry of Corporate Affairs.

Isthara earns revenue by providing coliving, facility management, catering and food court management services.

At INR 41 Cr, the startup earned the biggest revenue by providing student housing and catering services in FY23. Coliving generated revenue of over INR 23 Cr, while revenue from food court management stood at INR 2.2 Cr during the year under review.

The startup said it is looking to double the turnover of the food court segment in FY24, with a particular focus on retail and wayside amenities, to increase its revenue.

Including other income, Isthara’s total revenue grew 166% to INR 69.6 Cr in FY23 from INR 26.2 Cr in the previous fiscal year.

Breaking Down Ishthara’s Expenses

Isthara’s total expenditure jumped 119% to INR 100.2 Cr in FY23 from INR 45.6 Cr in the previous year.

Employee Benefit Expenses: The startup’s employee costs jumped 129% to INR 25.4 Cr in the reported period from INR 11.1 Cr in FY22.

Rent & Canteen Catering Expenses: These were two major expenses for Isthara. Rent expenditure surged 278% to INR 15.5 Cr in FY23 from INR 4.1 Cr in the previous fiscal year. On the other hand, its canteen catering expenses rose 164% to INR 27.8 Cr from INR 10.5 Cr in FY22.

Isthara has raised a total funding of nearly $21 Mn to date and counts the likes of JM Financial India Fund II among its investors. The startup last raised $10 Mn (INR 81 Cr) in its pre-Series B funding round, led by Dubai-based Eagle Investments, in 2022.

Isthara competes with the likes of Housr, Stanza Living, and Zolo Stay.

Stanza Living’s consolidated net loss surged 1.8X to INR 417.4 Cr in FY22 from INR 226.33 Cr in the previous fiscal year. Its operating revenue jumped 2.9X to INR 115.08 Cr from INR 39.77 Cr in FY21.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories

Decode India's Startup Economy With Inc42 Plus

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

Hurry! New Year Offer Ending In
countdownmail.com
2 YEAR PLAN
₹19999
₹6999
₹291/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹3999
₹333/Month
Unlock 50% OFF
Cancel Anytime
Cancel Anytime
Already A Member?

Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Coliving Startup Isthara’s FY23 Loss Surges 54% To INR 30.5 Cr-Inc42 Media

How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Coliving Startup Isthara’s FY23 Loss Surges 54% To INR 30.5 Cr-Inc42 Media

Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Coliving Startup Isthara’s FY23 Loss Surges 54% To INR 30.5 Cr-Inc42 Media

Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Coliving Startup Isthara’s FY23 Loss Surges 54% To INR 30.5 Cr-Inc42 Media
Coliving Startup Isthara’s FY23 Loss Surges 54% To INR 30.5 Cr-Inc42 Media

You’re in Good company