Managed accommodation provider Stanza Living has successfully raised Rs 110 crore ($13 million) in a bridge funding round led by Alpha Wave. This marks the first equity round for the Delhi-based startup in over three years.
According to regulatory filings with the Registrar of Companies, the board at Stanza Living authorized a special resolution to issue 1,207 preference shares at Rs 911440.17 each, accumulating to Rs 110 crore. Alpha Wave contributed Rs 83 crore, while existing investors Matrix Partners, Accel India, and Peak XV collectively invested Rs 27 crore.
Stanza Living was reportedly in discussions to raise approximately $25 million. This latest funding round follows a $57 million debt round in March 2022, led by Kotak Mahindra Bank and RBL Bank, and a $100 million equity round in April 2021. The company has raised over $230 million through a mix of equity and debt financing.
Stanza Living is founded to offer managed accommodation solutions and cater to working professionals and students. The company boasts over 75,000 beds across over 450 residences in 24 cities.
Stanza Living faces competition from other managed accommodation providers, including Colive, Your Space, Settl, Union Living, and Coho. In a notable industry development last year, Tiger Global-backed home rental startup NestAway was acquired by Aurum PropTech for $11 million, reflecting a significant devaluation.
This latest funding round is expected to bolster Stanza Living’s expansion efforts and enhance its market presence amidst a competitive landscape.
