Gurugram-based student housing startup Stanza Living has raised $4.4 million (Rs 30 crore) in debt funding from Alteria Capital, taking its total funding to $16.7 over the last 15 months, it said on Tuesday.
In September last year, Stanza Living had raised $10 million in a Series A round led by venture capital firm Sequoia Capital. Matrix Partners and Accel Partners also participated in the round. In November 2017, it had secured seed money of $2 million from Matrix and Accel.
Anindya Dutta, Managing Director and co-founder, Stanza Living, said, “The student housing segment in India is largely unorganised, suffering from several infrastructure and service quality gaps. We are transforming the space by offering a professionally-managed student living experience that mirrors international standards.”
“The funding will bolster our momentum to unlock an inventory of one lakh beds by 2021 and bring our high-quality Stanza Living brand experience to students across India. Through this strategic partnership with Alteria, we will also be working on developing interesting financing and funding structures relevant to our business,” he added.
Founded in 2017 by Dutta and Sandeep Dalmia, Stanza Living is run and managed by Dtwelve Spaces Pvt. Ltd. It claims to have scaled the business 7x since last year, unlocking an inventory of 15,000 beds across Delhi NCR, Bangalore, Pune, Hyderabad, Chennai, Indore, Vadodra and Dehradun in 2019.
The startup today is a 250+ team located across the country.
Earlier in the day, Singapore-headquartered student housing platform Oxfordcaps, too, disclosed its funding as it looks to ramp up its India operations. The startup has raised $8 million in a Series A funding round led by Times Internet, with participation from existing investors Kalaari Capital and Silicon Valley-based 500 Startups.
Oxfordcaps to have clocked a 30x growth in less than 10 months since its launch in India and has expanded from 200 beds to acquisition of over 6,000 beds. It is also looking to expand operations into 10+ cities.
In August 2018, Stanza Living’s other competitor, University Living, raised an undisclosed sum in a pre-Series A round led by Indian Angel Network and LetsVenture.