Delhi-based student accommodation platform Stanza Living has raised $4.4 million (Rs 30 crore) in venture debt from Alteria Capital, a company statement said.
The company will use the money to expand its offerings, business operations and explore other financing structures, the statement added.
“The funding will bolster our momentum to unlock an inventory of one lakh beds by 2021 and bring our high-quality Stanza Living brand experience to students across India. Through this strategic partnership with Alteria, we will also be working on developing interesting financing and funding structures relevant to our business,” said Anindya Dutta, managing director and co-founder, Stanza Living.
Owned and operated by Dtwelve Spaces Pvt. Ltd, the startup was founded in February 2017 by Sandeep Dalmia and Dutta. An IIM Ahmedabad graduate, Dalmia has previously worked at the Boston Consulting Group while Dutta was with global alternative investment management firm Oaktree Capital.
Students, particularly those moving to a new city, can avail of managed and shared fully furnished accommodation.
Stanza Living also has partnerships with restaurants, fitness centres and other such institutions, through which it provides its residents rewards. Besides accommodation, the startup offers students the opportunity to connect with alumni, internship opportunities as well as guidance on online study materials.
The company claims to have scaled the business 7X since last year, while unlocking an inventory of 15,000 beds across Delhi NCR, Bengaluru, Pune, Hyderabad, Chennai, Indore, Vadodra and Dehradun in 2019. It currently has a team of more than 250 members across the country.
Last year in September, it raised Rs 73 crore ($10 million) in a fresh round led by global venture capital firm Sequoia India. Existing investors multi-stage investment firm Matrix Partners India and venture capital firm Accel also participated in the round.
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 lately.
Earlier in the day, student accommodation startup OxfordCaps raised $8 million (Rs 56 crore as per current exchange rates) in a Series A funding round led by Times Internet, a subsidiary of media house Bennett Coleman and Co. Ltd., including other investors.