[Funding alert] Stanza Living raises $57M in debt from led by Kotak Mahindra Bank, RBL Bank
, an India-based tech-enabled managed accommodation company, on Wednesday announced that it has secured $57 million (~Rs 425 crore) in debt financing, led by and , with its existing debt provider also participating.
The capital will be utilised to fund Stanza Living’s current and future projects and accelerate the startup's next phase of multi-city expansion. This debt infusion comes on the back of the $100 million equity funding raised by Stanza Living mid last year. Stanza Living has raised close to $220 million in debt and equity combined to date.
Commenting on the financing deal, Anindya Dutta, MD and Co-founder, 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 aggressively scaling our operations across the country.”
With an inventory of more than 75,000 beds, Stanza Living is the managed accommodation provider for students and working professionals migrating to 23 cities across the country.
Trumping the initial slowdown caused by the pandemic, the startup has demonstrated strong resilience and has recorded one of the fastest recoveries in consumer demand over the last two quarters, claims the startup.
Recently, 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, as well.
Today, the Stanza Living ecosystem offers a wide range of amenities like chef-curated F&B options, professional housekeeping and laundry, high-speed internet, 24x7 security systems, fun recreation facilities, engaging community programmes, convenient mobility services and more – creating a hassle-free living experience for lakhs of migrating students and working professionals.
Edited by Saheli Sen Gupta