Delhi-headquartered co-living startup Stanza Living has raised INR 69 Cr from GHI India. According to filings with the Ministry of Corporate Affairs (MCA) accessed by Inc42, the company has raised the funds by issuing six equity shares, at a face value of INR 10 per share and a premium of INR 4,66,424 per share.
Further, the company has issued 1,475 Series C Cumulative Compulsorily Convertible Preference Shares (CCPS) at a face value of INR 100 per share and a premium of INR 4,66,334 per share. The total amount raised by the company is INR 69,07,89,450. GHI India is based in Dover, Delaware in the United States.
Last month, Stanza Living had acquired student accommodation provider YourShell for an undisclosed amount.
Launched in 2017 by Anindya Dutta and Sandeep Dalmia, Stanza Living is a tech-enabled co-living concept for students and working professionals.
The startup claims to have a presence in 14 cities, with more than 50,000 beds in over 150 residences, also claiming to be the largest shared living company in the country. The company offers accommodation for prices ranging from INR 3,500 to INR 25,000.
Stanza Living claims that with its co-living concept, it can disrupt the “multi-billion-dollar student housing and co-living market in India by putting the new-age migrant consumer at the heart of the product and service design, development, and execution.”
“As a full-stack, end-to-end managed, tech-enabled operator, Stanza Living is focused on delivering a hassle-free daily living experience to consumers,” the company claims on its website and other promotional materials.
Stanza Living last raised funds in December last year in a debt financing round worth $5.7 Mn from Mumbai-based venture debt firm Alteria Capital. The startup is also backed by other prominent investors such as Falcon Edge Capital, Sequoia India, Accel Partners and Matrix.
According to data on Crunchbase, till date, Stanza Living has raised $70.2 Mn in five funding rounds.
According to market and consumer research company Statista, the market size of the student housing industry across the country was estimated to be approximately INR 2,400 Cr in 2020, up from 1,267 Cr in 2018.
Stanza Living competes with Placio, Oxfordcaps and OYO Life in the student housing industry.