New Delhi-based accommodation startup Stanza Living, which offers managed accommodation for students and working professionals migrating to another city, today announced a $57 million fundraise via debt from Kotak Mahindra Bank, RBL Bank, and Alteria Capital.
Stanza Living, which has raised over $220 million in equity and debt combined till date, says the raised funds will be utilized towards current and future projects and accelerate the next phase of multi-city expansion. Prior to this, Sequoia Capital India, Redwood Trust, Matrix Partners, Alpha Wave, Moraine Master, and SCI Investments had participated in its $102 million Series D round.
“This debt raise is a result of our prudent financial management and disciplined planning to stay ahead of short-term market challenges. It will provide us with ammunition to deliver a higher return on equity and continue aggressively scaling our operations across the country,” said Anindya Dutta, MD & Co-founder, Stanza Living.
The startup says it has an inventory of more than 75,000 beds and claims to be one of the leading managed accommodation providers for students and working professionals migrating to 23 cities across the country.
Recently, It launched a new business vertical in the form of campus facility management on the back of strong inbound interest from large academic institutions and corporate houses.
L-R (facing) Anindya Dutta and Sandeep Dalmia, MD & Co-founders, Stanza Living
Anindya Dutta and Sandeep Dalmia co-founded Stanza Living in 2017. Since then, It has transformed itself into different offerings like chef-curated F&B options, professional housekeeping and laundry, high-speed internet, 24x7 security systems, fun recreation facilities, engaging community programs, convenient mobility services, and more – creating a hassle-free living experience for lakhs of migrating students and working professionals, it said.
Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.