Delhi-headquartered co-living startup Stanza Living has raised INR 44 Cr ($5.9 Mn) in a mix of debt and preference shares from Alteria Capital India Fund-I.
According to filings with the Ministry of Corporate Affairs (MCA) accessed by Inc42, the company has raised the funds by issuing 86 Series C3 Cumulative Compulsorily Convertible Preference Shares (CCPS) and 4000 non-convertible debentures (NCDs) at a face value of INR 100 per CCPS and INR 1 lakh per NCD. The premium for CCPS is INR 4,66,334 per share. The company also raised INR 40 Cr in debt.
The company has raised $70.2 Mn in five funding rounds. Earlier this month, Stanza Living had raised INR 69 Cr ($9.3 Mn) from GHI India by issuing six equity shares and Series C CCPS. In October, the company 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.”
In 2019, Stanza Living raised $4.4 Mn in venture debt from Alteria Capital. 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, 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.
Stanza Living competes with Placio, Oxfordcaps and OYO Life in the student housing industry.
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.