Isthara Coliving has acquired Letsmobility, a software product engineering firm, in order to digitise its operations and introduce cutting-edge technology solutions to the fragmented coliving industry.
The Hyderabad-based firm will collaborate with Letsmobility to create Framework 2.0, which will improve 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.”
Apart from the revenue-sharing model, Isthara Coliving developed a new business model focused on efficient cost structures and contracts during the pandemic.
“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.”
Isthara Coliving received new funding in September 2021 from JM Financial Private Equity, as well as Dubai-based Eagle Proprietary Investments and a few family offices. Its bed count has quadrupled, from 5,700 at the end of March 2020 to 24,000 now. Over 150,000 people will be served by the company’s 50 food courts in Telangana, Karnataka, and Tamil Nadu.
Get to know the pulses of the Indian startup ecosystem in reality by attending “INDIA FIRST TECH STARTUP CONCLAVE & AWARDS’22-Delhi Chapter” organized by the All India Council for robotics and automation, supported by the Ministry of electronics and information technology.
The event is scheduled to be held on the 17th and 18th of February 2022, marking the biggest tech startup event this year. The event brings together the speakers that are the best breed of entrepreneurs, innovators, venture capitalists, government department’s representatives, business model creators, consultants, policy-makers, academicians, support groups, business coaches and business practitioners.
The Platform helps startups to ramp up their innovative ideas and show off their services and products to attract investors. The experts of the industry will address and discuss all the innovations happening around the startup environment that youth empowerment and new-age tech business ideas can grow.
Click to know more about India’s biggest tech startup event: https://www.aicra.org/events/delhi/index.php
