Home/ Companies / News/  Isthara buys Letsmobility to digitize ops in co-living

BENGALURU : Isthara, which operates co-living and student living centres, and small food courts, on Monday said it has acquired Letsmobility, a software product engineering company. With this acquisition, Isthara aims to leverage Letsmobility’s cloud-based microapps platform, Livet, to digitize operations and introduce advanced tech solutions in the fragmented co-living and institutional cafeteria sectors.

The value of the acquisition was not disclosed.

The acquisition of Letsmobility will enable the company to enhance its core technology by merging it with the proprietary machine learning framework developed by the former. With the integration, Hyderabad-based Isthara said it will develop and advance into Framework 2.0, which will enhance the digital interface of its 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 six months, all technological processes of Isthara will be operated through Framework 2.0.

Founded by IIT and IIM alumni Gaurav Sharma, Prateek Pandey, and Chaithanya Veeramachaneni, Letsmobility has assisted startups and other companies in providing efficient tech solutions. In 2019, it developed its proprietary product, Livet, to transform the way residents engage with their living facilities.

Isthara currently manages around 24,000 beds across Hyderabad, Bengaluru, National Capital Region and Chennai. 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.

“The co-living 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. 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," said Ligouri Godwin, executive director, Isthara.

Isthara said it will also help in strengthening its offerings across its smart food court segment through which it assumes the role of the technology partner and vendor aggregator to help large educational institutes and corporates to digitize their food courts for more efficient management. The acquisition will enhance the discovery, safety, and service standards maintained by their food courts. Isthara has signed up 50 food courts across Telangana, Karnataka and Tamil Nadu, catering to over 150,000 people.

“…By joining forces with Isthara, the products we develop will be in better use and will solve real world problems on a larger-scale. Our organization and Isthara share the same vision, and we are excited to work with the team to support their vision of bringing in a digital revolution to the co-living and institutional cafeteria sector," said Gaurav Sharma, co-founder, Letsmobility.

During the pandemic, Isthara developed a new business model, focused on more efficient cost structures and contracts, revenue shared model and better adaptation to the new norms. 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.


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Updated: 25 Jan 2022, 12:54 AM IST
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