Stanza Living, a shared living company offering dedicated solutions for students and working professionals across 10+ cities in India, announced that it will be investing Rs 400 crore over the next two years, according to a YourStory report.
The investment will be aimed at expanding its rental accommodation business. The company is backed by marquee global investors like Equity International, Falcon Edge Capital, Sequoia India, Matrix, Accel Partners and Alteria Capital.
Founded in 2017 by Anindya Dutta and Sandeep Dalmia, Stanza Living has so far raised $70 million in funding. It currently has 200 centres with a total capacity of 55,000 beds, which are being provided in the price range of Rs 4,000-Rs 25,000 per bed.
“We are seeing a limited impact on our business. Our revenue has been hit marginally by around two percent. Most of the students have gone back to their home but they are occupying our beds and paying rents,” Stanza Living Co-founder and MD Anindya Dutta said.
The company has given some relief to its student members by providing discounts on rentals, he added. Dutta expressed confidence about the growth potential of the co-living business post COVID-19.
However, at present there is no clarity about when the new session will start in colleges and universities because of the lockdown, he added.
“Education is important. As and when situation normalises, students will come back to study,” he said.
Asked about expansion plans, Dutta said: “We are not deferring our expansion plans. We are targetting to add 50,000 beds in 12-18 months.”
On planned investment for expansion, Dutta said the company will be investing around Rs 400 crore over the next two years. “We have enough capital for our growth plan. We do not need to raise fresh funds,” he added.
Stanza Living is a high-quality, shared living concept which is seeking to 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.
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