Student housing startup Stanza Living has raised an undisclosed amount as a part of its ongoing Series C round, led by Falcon Edge Capital. However, sources close to YourStory said that the investment raised as a part of this round is close to $50 million.
The round also saw participation from existing investors like Sequoia Capital, Matrix Partners and Accel Partners.
Co-founder Anindya Dutta said that the company is looking to invest a significant part of this capital in a potential acquisition of competitors and expand its presence across India.
It has raised a total of 16.7 million till now including debt financing of $4.4 million, which was raised in March this year.
Speaking on the investment, Navroz D. Udwadia, Co-founder of Falcon Edge Capital said,
“Student housing is a large and underserved need globally, but in India, the supply-demand gap is particularly stark because of a rapidly growing outstation student population. This demand is currently being met by fragmented, unorganised and poor quality supply. Anindya and Sandeep bring together deep domain experience and robust unit economics, among other things”
In a statement to the media, the startup claimed that its business model puts students at the heart of its service design, development and execution. With the current capacity of 22,000 beds, the startup is also targeting an inventory of one lakh beds by 2021, it said in an official statement.
Speaking on future plans of the company, Anindya Dutta, Managing Director and Co-founder of Stanza Living, said,
“We are excited to welcome Falcon Edge Capital at this strategic point in our growth journey where we are consolidating our presence. To build our capabilities and strengthen footprint, we are considering a healthy balance of organic and inorganic growth measures.”
Founded by Sandeep Dalmia and Anindya Dutta in 2017, the New Delhi-based housing company is now present across nine cities including Bangalore, Delhi-NCR, Pune and Hyderabad. At present, Stanza Living has plans to invest Rs 250 crore in order to expand across India.
(Edited by Saheli Sen Gupta)