Hyderabad-based Isthara acquires Letsmobility
Hyderabad: Isthara Co-Living, a co-living brand and smart food court pioneer has acquired Letsmobility, a software product engineering company. Through this acquisition, Isthara aims to leverage Letsmobility’s private cloud-based microapps platform, Livet, to digitise operations and introduce advanced tech solutions in the fragmented co-living and institutional cafeteria sectors. The acquisition of Letsmobility will enable Isthara […]
Hyderabad: Isthara Co-Living, a co-living brand and smart food court pioneer has acquired Letsmobility, a software product engineering company.
Through this acquisition, Isthara aims to leverage Letsmobility’s private cloud-based microapps platform, Livet, to digitise operations and introduce advanced tech solutions in the fragmented co-living and institutional cafeteria sectors.
The acquisition of Letsmobility will enable Isthara to enhance their core technology by merging it with the proprietary machine learning framework developed by Letsmobility. Currently, Isthara manages around 24,000 beds across Hyderabad, Bengaluru, NCR and Chennai.
Through the integration with the platform, Isthara will develop and advance into a pioneering Framework 2.0. which will enhance the digital interface of the company’s customer facing applications such as real time property discovery and booking, digital hassle-free issue resolution, hyper local social network for residents, and food discovery and ordering solutions. Within the next 6 months, all technological processes of Isthara will be operated through the new, enhanced Framework 2.0.
The acquisition will also further enhance the discovery, safety, and service standards maintained by these smart food courts. Isthara has signed up 50 food courts across Telangana, Karnataka and Tamil Nadu, catering to over 150,000 people.
Isthara’s core proposition is trying to solve the most basic issues of urban millennials, which are Housing and Food, and helping them create memorable experiences.
Speaking on the acquisition, Ligouri Godwin, ED, Isthara Co-Living, stated, “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.”
According to Gaurav Sharma, co-founder, Letsmobility, “By joining forces with Isthara, the products we develop will be in better use and will solve real world problems on a larger-scale.”
Since the pandemic, Isthara has increased its bed count by four times from 5,700 at the end of March 2020 to 24,000 currently.
In September 2021, Isthara raised a fresh round of funding from existing investors JM Financial Private Equity, along with Dubai-based Eagle Proprietary Investments and a few family offices.
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