New Delhi-based student housing startup Stanza Living has raised $4.4 Mn in venture debt from Alteria Capital.
The company plans to use the funds to bolster its momentum to unlock an inventory of one lakh beds by 2021 and bring its high-quality Stanza Living brand experience to students across India.
Further, Anindya Dutta, managing director and cofounder, Stanza Living, said that through this strategic partnership with Alteria, the company will also be working on developing interesting financing and funding structures relevant to its business.
Ajay Hattangdi, managing partner, Alteria Capital said, “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.”
Founded in 2017 by Sandeep Dalmia and Anindya Dutta, Stanza Living is creating a student-centric proposition with 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.
The company offers full-stack business model, which it claims enables it to design spaces and tailor its services to cater to their specific needs and desires.
This comes after it raised $12.3 Mn from marquee global investors such as Sequoia Capital, Matrix and Accel Partners in the last 15 months. In September 2018, Inc42 had reported that Stanza Living raised $10 Mn (INR 73 Cr) in a funding round led by Sequoia Capital with participation from existing investors — investment firms Matrix Partners and the California-headquartered Accel Partners.
Using the Stanza Living platform, students can find accommodation for prices ranging from $108.7 (INR 7,000) to $388.2 (INR 25,000) per month.
The student accommodation platform claims to have grown exponentially— has scaled the business 7x since last year, unlocking an inventory of 15,000 beds across Delhi NCR, Bengaluru, Pune, Hyderabad, Chennai, Indore, Vadodra and Dehradun in 2019.
A recent report by JLL (Jones Lang LaSalle Inc) stated that the supply in the student housing market currently stands at 6 Mn beds and that there’s a massive shortage of 5 Mn beds. This is the market that Stanza Living is targeting.
Earlier today (March 26), Singapore-headquartered student housing platform Oxfordcaps announced $8 Mn fundraise led by Times Internet with participation from existing investors Kalaari Capital and Silicon Valley-based 500 Startups.