Delhi-based student accommodation platform Stanza Living has raised Rs 73 crore ($10 million) in a fresh round led by global venture capital firm Sequoia India. Existing investors also participated in the round: multi-stage investment firm Matrix Partners India and venture capital firm Accel Partners.
Owned and operated by Dtwelve Spaces Pvt. Ltd, Stanza will use the funds to bolster its technology engine, strengthen team, and enter new markets, the company said in a statement.
“The funding will enable us to unlock multiple opportunities that we’ve identified across important educational hubs,” Anindya Dutta, managing director and co-founder of Stanza, said.
Stanza was founded in February 2017 by Sandeep Dalmia and 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 food.
Residents at Stanza properties, the firm’s website claims, get rewards and goodies through tie-ups with restaurants, fitness centres and dance classes. Students are provided guidance on online study materials and internship opportunities, as well as offered connections to the alumni network.
The platform currently operates over 15 residences in Delhi-NCR (National Capital Region), with a total capacity of 2,000 beds.
“Student housing is an established asset class in the west and we believe Stanza, with its scalable business model and strong economics, can create the asset class in India,” said Ashish Agrawal, principal, Sequoia Capital India Advisors.
In its first institutional funding, Stanza Living had raised Rs 13 crore ($2 million) from Matrix and Accel in November 2017.
A number of other startups offering student accommodation services have also garnered investor interest.
Delhi-based University Living, an online global student housing marketplace, raised an undisclosed sum in a pre-Series A round led by Indian Angel Network (IAN) and LetsVenture last month.
In February, Noida-based Placio, which operates an eponymous student housing solutions platform, secured $2 million in a pre-Series A round from Singapore-based private equity fund Prestellar Ventures.
In March 2017, TurningIdeas Solutions-incubated student housing startup Your-Space had raised $500,000 in angel funds.
Social venture capital investor Acumen had invested an undisclosed amount in Aarusha Homes Pvt. Ltd, which runs a chain of low-budget hostels for students and migrant workers.