Delhi-based coliving startup Stanza Living raised $ 57 million (INR 425 Cr) in debt funding led by Kotak Mahindra Bank and RBL Bank with Alteria Capital, will use funds to fund capital expenditure for Stanza Living’s current and future projects and accelerate its next phase of multi-city expansion
Founded in 2017 by Sandeep Dalmia and Anindya Dutta, Stanza Living provides rental accommodation to students and working professionals in more than 20 cities across the country.
Anindya Dutta, MD, and cofounder, Stanza Living said, “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 scaling our operations across the country.”
After the initial slowdown caused by the Covid-19 pandemic, the startup said it has demonstrated strong resilience and has recorded one of the fastest recoveries in consumer demand over the last two quarters.
Stanza Living also 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.
The managed accommodation sector in India has witnessed a multi-fold increase in demand for reliable, high-quality and safe accommodation options, especially during the pandemic.
Stanza Living offers amenities such as chef-curated F&B options, professional housekeeping and laundry, high-speed internet, 24×7 security systems, fun recreation facilities, engaging community programs, convenient mobility services, creating a hassle-free living experience for lakhs of migrating students and working professionals.