By Tricitynews
New Delhi 26th September:- In a move to strengthen its position as one
of India’s largest student co-living companies, Stanza Living has raised a
total of Rs 73 crore (USD 10 million) in an investment round led by Sequoia India.
This is in addition to Rs 13 crores (USD 2 million) that the company had raised in
its first round of institutional funding from Matrix and Accel Partners in
November 2017.
With the
funding in place, Stanza Living will focus on strengthening its three key
business pillars of technology, people and network of operations.
Technology
is at the centre of Stanza Living’s business and is one of its core
differentiators. The fresh funding will be channeled to bolster the company’s
tech engine that drives effectiveness in project management, efficiency in
business operations and enables personalised service delivery. Stanza Living
will further leverage the funding to expand to multiple markets and strengthen
its core leadership team while on boarding specialised talent across functions.
Commenting
on the funding, Anindya Dutta, Managing Director and Co-Founder, Stanza Living,
said that the student housing segment in India offers immense potential but
remains largely unorganised. We are determined to transform this segment by
offering a professionally-managed co-living experience that mirror
international standards.We currently operate 15+ residences in Delhi NCR with a
total capacity of 2000 beds. The funding will enable us to unlock multiple
opportunities that we’ve identified across important educational hubs and
exponentially grow the Stanza community across the country.
Sandeep
Dalmia, Managing Director and Co-Founder, Stanza Living , said that the Marquee
global players investing in Stanza Living underlines the confidence the
investor community has in our business model. He added that we understand that
a student’s lifestyle is extremely distinct. Our industry-first, full-stack
business model fundamentally enables us to design our co-living spaces and
tailor our services to cater to their specific needs and desires. It allows us
to set up and manage end-to-end operations which we believe is absolutely
critical to ensure an unmatched experience for our residents.
Ashish
Agrawal, Principal, Sequoia Capital India Advisors said that Stanza’s team and
their execution is impressive, and Sequoia India is delighted to partner with them
in their vision to provide quality housing to students in India. Student housing
is an established asset class in the west and we believe Stanza, with its
scalable business model and strong economics, can create the asset class in
India.
Gourav Bhattacharya, Director,
Matrix India, commented that we are very
excited about the progress the Stanza team has made over the last 12 months,
and think they have a unique opportunity to create a large company by
organizing the student housing space. Their approach is a win-win for students
and parents through better experience, as well as supply owners through better
economics. We are delighted to continue supporting Anindya and Sandeep on their
journey.
Abhinav Chaturvedi, Principal at
Accel added that we are delighted to continue our partnership with Stanza
Living. In a short period of time, Stanza has become the go-to place for
student accommodation in Delhi/NCR. The new money will help expand the Stanza
brand to other parts of the Indian market.