Lake Shore

What Lake Shore does

Lake Shore, founded in 2013 and headquartered at One BKC in Mumbai, is a vertically integrated Indian retail real estate investment, development, and operating platform. The company identifies retail real estate opportunities in India's densifying urban corridors and executes them end-to-end, from acquisition and design through construction, leasing, and ongoing mall operations. Its portfolio spans 6 operational or under-development assets totaling over 4.2 million square feet, including AIRIA (Delhi NCR), KOPA (Pune), CAPITAL (Mumbai Vasai), Lake Shore Thane (acquired as Viviana Mall in 2022), Lake Shore Y Junction (Hyderabad, opened 2025), and North India Mall (Delhi NCR, acquired 2024), with two further projects (Lake Shore Uppal and Lake Shore Juinagar) scheduled to open in 2030. The portfolio houses 1,100+ retail stores and serves 25 million+ consumer visits annually.

The company's revenue model combines asset-light institutional capital management with asset-heavy real estate operations. On the capital side, Lake Shore India Advisory Private Limited manages the Lake Shore India Retail Venture Fund, a SEBI-registered Category II Alternative Investment Fund (registration IN/AIF2/16-17/0293), with two successive fund vintages raised (LSI Retail Venture Fund I in 2017 and Fund II in 2019) generating management fees from domestic and international institutional LPs. On the operating side, revenue is generated through mall-level leasing, tenant fit-out, and ongoing operations across the owned portfolio. The company targets total AUM of $1.5 billion (as of late 2025) with a publicly stated plan to double AUM to $3 billion over the next 3-5 years.

Lake Shore distributes its investment products via direct institutional fundraising (enterprise field sales) to domestic and international LPs and distributes retail services through its owned and operated physical destinations. The management team comprises co-founder and CEO Ashwin Puri (former CEO of Pioneer Property Zone, the Old Mutual joint venture), co-founder and Managing Director Scott Eisenberg (formerly Head of Investments at an India real estate PE fund), Partner and CIO Karim Merchant (ex-GID), and a senior bench of CXOs covering finance, leasing, operations, legal, design, construction, and contracts functions. The firm employs 51-100 staff and operates from a single registered office in Mumbai.

Name

Lake Shore

Legal name

Lake Shore India Management Private Limited

Website

https://lakeshorein.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Lake Shore is a Mumbai-headquartered, vertically integrated Indian retail real estate investment, development, and operating platform managing $1.5B AUM across 6 properties and 4.2M+ SF, serving institutional LPs via SEBI-registered AIFs and Indian consumers through owned retail destinations.

Ownership category

akta.pro rank

Product category

Retail Real Estate Investment & Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Agents & Managers (For Others) (6531), Real Estate Dealers (For Their Own Account) (6532), Investment Advice (6282)

akta.pro industry

PRIMARYBPAJAMAJ

Real Estate Portfolio & Fund Management (Institutional/REIT/PE)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Asset & Portfolio Management

SECONDARYFSANAEAO

Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE)

Financial & Insurance/Private Equity & Venture Capital/Real Assets Funds (Infrastructure, Real Estate, Energy)

Keywords

• Retail real estate
• Mall development
• Commercial property investment
• Alternative investment funds
• Asset management

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Fund Management Fees: Lake Shore manages Alternate Investment Funds (AIF) including LSI Retail Venture Fund I and II, generating management fees from institutional investors. These are Category II AIFs registered with SEBI.
2. Retail Real Estate Development & Operations: Revenue generated from developing and operating large-scale retail destinations across India, including mall management, leasing, and tenant relationships.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Lake Shore invests in, develops, and operates large-scale retail real estate destinations (shopping malls) across major Indian cities through a vertically integrated platform. It manages the Lake Shore India Retail Venture Fund, a SEBI-registered Category II Alternative Investment Fund, raising capital from institutional investors to acquire, develop, and operate its portfolio of retail assets. The firm generates revenue from fund management fees and from the leasing and operations of its owned retail destinations.

Product overview

Lake Shore is a commercial real estate management and investment firm focused on Indian retail. The company operates a vertically integrated platform that invests in, develops, and operates large-scale retail destinations across India. Its portfolio consists of 8 distinct retail properties spanning major Indian cities: AIRIA (Delhi NCR), KOPA (Pune), CAPITAL (Mumbai), Lake Shore Thane, Lake Shore Y Junction (Hyderabad), North India Mall (Delhi NCR), and two projects under development (Lake Shore Uppal and Lake Shore Juinagar). The company also manages the Lake Shore India Retail Venture Fund, a SEBI-registered Category II AIF. The portfolio collectively encompasses over 4.2 million SF with 1,100+ stores, attracting 25 million+ annual consumer visits.

Differentiator

Problem solved

Functional benefit

Products and services

• AIRIA Operational retail mall in Gurugram (Delhi NCR) with 500,000 SF operational and 300,000 SF under development, featuring 220+ stores; serves consumers and retail tenants as part of Lake Shore's lifestyle destination portfolio.
• KOPA Operational retail mall in Pune with over 70 stores; lifestyle retail destination serving consumers and retail tenants.
• CAPITAL Operational retail mall in Mumbai (Vasai) with 100+ stores; lifestyle retail destination serving consumers and retail tenants.
• Lake Shore Thane (formerly Viviana) Operational retail mall in Mumbai (Thane) spanning 1,000,000 SF; lifestyle retail destination serving consumers and retail tenants.
• Lake Shore Y Junction

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered historical and core.

• Old Mutual (Pioneer Property Zone JV)historicalStrategic or Co-development Partner · 1 January 2017Prior to founding Lake Shore, Co-founder & CEO Ashwin Puri was CEO of Pioneer Property Zone, a mall development and management company that was a joint venture with South Africa-based Old Mutual. This prior relationship established the founding team's expertise in Indian retail real estate development and management.
• GID (General Investment District)historicalStrategic or Co-development PartnerGID is a Boston-based real estate investment and development firm. Partner & CIO Karim Merchant spent 9 years with GID, where he oversaw the conceptualization and growth of GID's real estate development management platform in India and helped establish their joint venture development and investment program in Brazil. Several Lake Shore executives previously worked at GID India subsidiary Piedmont Development.
• SEBI (Securities and Exchange Board of India)coreOthersLake Shore India Retail Venture Fund is a Category II Alternate Investment Fund (AIF), registered with SEBI vide registration number IN/AIF2/16-17/0293 and managed by Lake Shore India Advisory Private Limited.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Brigade Group: Indian real estate developer with a substantial retail mall portfolio (e.g., Orion Malls in Bangalore and Chennai). Comparable as a developer/operator of large-format retail in tier-1 Indian markets with similar GLA scale per asset.
• Oberoi Realty: Mumbai-focused real estate developer with integrated mixed-use projects that include retail components. Comparable to Lake Shore in operating premium retail assets in the same Mumbai micro-markets and serving similar affluent consumer segments.
• Nexus Select Trust: India's largest retail REIT, backed by Blackstone, operating a national portfolio of 17+ malls including Forum and Nexus malls. Directly comparable to Lake Shore as an institutional-grade owner/operator of Indian shopping malls, and a likely LP counterparty or competitor for capital.
• Prestige Group (Prestige Retail): Operates Forum and other retail malls as part of a diversified Indian real estate conglomerate. Comparable to Lake Shore in developing and operating lifestyle shopping centers in major Indian cities, with overlapping investor base and consumer demographics.
• Phoenix Mills Limited: Owns and operates marquee Indian retail destinations including High Street Phoenix (Mumbai), Phoenix MarketCity and Palladium. Comparable as a vertically integrated retail real estate developer/operator with a national footprint and large mall GLA.
• Pacific Malls (Pacific India): Developer and operator of Pacific Mall and Pacific D21 malls in tier-1 and tier-2 Indian cities. Comparable to Lake Shore as a focused Indian retail mall operator pursuing similar asset profiles in overlapping geographies.

Broad incumbents

• DLF Limited: One of India's largest real estate developers with a significant retail mall portfolio across the country. Comparable as a broad incumbent in Indian organized retail real estate, though Lake Shore is more retail-pure and AIF-focused.
• Brookfield India Real Estate Trust: Listed Indian REIT with a portfolio anchored by commercial office and select retail assets. Comparable as an institutional capital vehicle in Indian real estate and a competitor for retail-led deployment opportunities.
• Lulu Group International: UAE-based conglomerate operating hypermarkets and malls across India. Comparable as a large-footprint retail operator in Indian cities, overlapping with Lake Shore's mall-anchor tenant profile, though operating a different business model (retailer vs. landlord).
• Blackstone Real Estate (India): Global private equity leader with major India real estate exposure, including backing Nexus Select Trust and other Indian retail platforms. Comparable as both a potential LP source and a competing capital allocator for institutional Indian retail real estate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lakeshore-india-management-pvt-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lake Shore