Delhi-based Dtwelve Spaces Pvt. Ltd, which operates student accommodation platform Stanza Living, has raised an undisclosed amount in its first round of institutional funding co-led by Matrix Partners and Accel, a press statement said.
The company will use the funds to expand its footprint, ramp up its core technology platform and beef up the team.
While the statement did not disclose the amount raised, a Mint report pegged it at $2 million (Rs 13 crore).
"The student accommodation market in India is dominated by fragmented and unprofessional housing option providers.
A typical student housing customer is underserved and has the ability and willingness to pay for superior experience," Abhinav Chaturvedi, principal at Accel, said.
Stanza Living was founded in February 2017 by Sandeep Dalmia and Anindya Dutta. The company offers managed and shared fully furnished accommodation for students, especially those relocating to a new city. Its managed properties also offer common spaces for recreation and networking, besides catering to students' food requirements.
Residents at Stanza properties, its website claims, also get rewards and goodies through tie-ups with restaurants, fitness centres and dance classes. Students are provided guidance with online study materials, internship opportunities, and connections with alumni network.
"We plan to disrupt the student accommodation market by providing a tech-enabled, professionally-managed living experience. We are committed to developing a product that represents a significant upgrade from what incumbent student residences have to offer,” Dalmiya said.
Stanza is currently operational only in Delhi, and offers beds at Rs 7,000-25,000 per month, according to a report in The Economic Times. Its website says more such properties are in the offing at Noida, Pune, Dehradun, Chandigarh and Kota.
An IIM Ahmedabad alumnus, Dalmia earlier worked at Boston Consulting Group, AT Kearney, Texas Instruments and EY. In between these stints, he also co-founded digital marketing firm Milestone Inc. Dutta, the other co-founder, also went to IIM Ahmedabad. He previously served as vice president of the real estate opportunities vertical at UK-based PE firm Oaktree Capital Management.
In March, TurningIdeas Solutions-incubated Your-space raised $500,000 in angel funding to expand its premium student housing venture.