25 September 2018, India:
Student accommodation startup Stanza Living has raised $10 million in Series A round of funding. The funding round was led by venture capital fund Sequoia Capital. Existing investors, Matrix Partners and Accel Partners, also participated in the funding round.
The startup will use the fresh capital to expand its market. The startup will also use the funds to boost its technology and to strengthen its team.
Ashish Agrawal, Principal, Sequoia Capital India Advisors, said, “Stanza’s team and their execution is impressive, and Sequoia India is delighted to partner with them in their vision to provide quality housing to students in India.
Ashish Agarwal added, “Student housing is an established asset class in the west and we believe Stanza, with its scalable business model and strong economics, can create the asset class in India.”
Sandeep Dalmia, Co-Founder and Managing Director, Stanza Living, said, “Marquee global players investing in Stanza Living underlines the confidence the investor community has in our business model. We understand that a student’s lifestyle is extremely distinct. Our industry-first, full-stack business model fundamentally enables us to design our co-living spaces and tailor our services to cater to their specific needs and desires. It allows us to set up and manage end-to-end operations, which we believe is absolutely critical to ensure an unmatched experience for our residents.”
Anindya Dutta, Managing Director and Co-Founder, Stanza Living, said, “The student housing segment in India offers immense potential but remains largely unorganised. We are determined to transform this segment by offering a professionally-managed co-living experience that mirror international standards.”
Anindya Dutta added, “We currently operate 15+ residences in Delhi NCR with a total capacity of 2000 beds. The funding will enable us to unlock multiple opportunities that we’ve identified across important educational hubs and exponentially grow the Stanza community across the country.”
Gourav Bhattacharya, Director, Matrix India, said, “We are very excited about the progress the Stanza team has made over the last 12 months, and think they have a unique opportunity to create a large company by organizing the student housing space. Their approach is a win-win for students and parents through better experience, as well as supply owners through better economics. We are delighted to continue supporting Anindya and Sandeep on their journey.”
Stanza Living was founded by Sandeep Dalmia and Anindya Dutta in 2017. It is a technology-enabled student accommodation concept that puts the student as a consumer at the heart of its product and service design.
(Image – Stanza Living)