Tech-enabled student housing startup Stanza Living has raised $5.7 million in debt financing from Venture Debt fund Alteria Capital. This is in addition to the $4.3 million raised from the same investor earlier this year.
With this latest investment, the total debt infusion by Alteria Capital in the startup has reached $10 million.
Founded by Anindya Dutta and Sandeep Dalmia, Stanza Living aims to re-imagine hostel living by offering high-quality residences and supporting services tailored to studentsâ needs. It started in 2017 with 100 beds in Delhi Universityâs north campus area and has since aggressively grown its operations. The startup has managed to scale up to 2,000 beds in 2018 across Delhi-NCR and then to 20,000+ in early 2019 in 10 cities, and recently it announced to hit 45,000 beds by November end. Now, the company claims to have unlocked an inventory of more than 47,000 beds across key hubs like Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Coimbatore, Indore, Vadodara, and Dehradun.
Apart from providing thoughtfully-designed residences, Stanza Living provides supporting services such as interactive common spaces, gaming zones, tech-enabled security, doctor on call, laundry services, unlimited Wi-Fi, and others that anyone would love to call home.
Excited Anindya Dutta, Managing Director and Co-founder, Stanza Living, said,
âWe are excited to deepen our partnership with Alteria Capital which reflects their confidence in our business model and growth trajectory. The capital infusion will enable us to further increase the pace of our strategic growth across markets through organic and inorganic measures.â
Launched just over two and half years ago, Stanza Living now claims to be the most capitalized player in the space, with total funding to the tune of $70 million from global investors like Falcon Edge Capital, Sequoia Capital, Accel Partners, Matrix Partners, and Alteria Capital.
Commenting on the investment, Ajay Hattangdi, Managing Partner at Alteria Capital, said,
âWe are very excited to continue supporting Stanza Living with its focus on growing the business with strong fundamentals. Through this partnership, we are together working on creating financing and funding structures that will set a new precedent for the industry in India.â
Meanwhile, the company said that it will continue to focus on transforming the shared accommodation sector in India, and that the latest financial support will help them continue deepening access to consumers across the country.
While there are a slew of other startups offering similar co-living facilities, Stanza Living boasts of integrating technology in its operations and said that sets them apart from the rest. The startup uses technology at the backend to scale its product. It also has a student-facing app that allows students to give feedback on the residence space, menu, and even communicate with the operation team.