NEW DELHI: Student accommodation service provider Stanza Living Tuesday said it has raised has raised USD 4.4 million (Rs 30 crores) in debt funding from Alteria Capital, India’s largest venture debt fund.
This is in addition to USD 12.3 million (Rs 85 crore) funding raised by the company earlier from marquee global investors like Sequoia Capital, Matrix and Accel Partners.
Stanza Living is on an aggressive growth path and has scaled the business 7x since last year, unlocking an inventory of 15,000 beds across Delhi NCR, Bangalore, Pune, Hyderabad, Chennai, Indore, Vadodra and Dehradun in 2019. Stanza Living today is a 250+ strong team across the country.
Commenting on the funding, Anindya Dutta, Managing Director and Co-Founder, Stanza Living, said, “The student housing segment in India is largely unorganized, suffering from several infrastructure and service quality gaps. We are transforming the space by offering a professionally-managed student living experience that mirrors international standards. The funding will bolster our momentum to unlock an inventory of one lakh beds by 2021 and bring our high-quality Stanza Living brand experience to students across India. Through this strategic partnership with Alteria, we will also be working on developing interesting financing and funding structures relevant to our business.”
“We are excited about the confidence of the investor community in our business model” said Sandeep Dalmia, Managing Director and Co-Founder, Stanza Living.
“We understand that a student’s lifestyle is extremely distinct. Our industry-first, full-stack business model fundamentally enables us to design our spaces and tailor our services to cater to their specific needs and desires. We ensure end-to-end management of complete operations so every Stanzen across the country, is assured of a world-class residence experience,” he added.
“Stanza is the type of game changing venture that we love to partner” said Mr. Ajay Hattangdi, Managing Partner, Alteria Capital. “Anindya and Sandeep have exciting growth plans for the company and it is our pleasure to support Stanza through our debt funding solutions along with access to our network and partnerships.”
Stanza Living’s student-centric proposition is creating new-student living models encompassing a service-led housing solution, proprietary community-building personal and professional development programmes and a high-quality ecosystem catering to diverse student requirements.