The startup plans to scale up its efforts in developing highly-customised IoT-based solutions for the managed accommodation sector
The founders and the core team at Singularity Automation will be joining Stanza Living
Stanza Living recently raised $57 Mn (INR 425 Cr) in debt funding led by Kotak Mahindra Bank and RBL Bank with Alteria Capital
Coliving startup Stanza Living has acquired Singularity Automation, an enterprise IoT startup, in an all-cash deal. With this acquisition, the startup wants to strengthen its existing proprietary technology ecosystem and scale up its efforts in developing highly-customised IoT-based solutions for the managed accommodation sector.
The announcement comes a week after Stanza Living raised $57 Mn (INR 425 Cr) in debt funding led by Kotak Mahindra Bank and RBL Bank with Alteria Capital. Till date, the coliving startup has raised close to $220 Mn in debt and equity combined.
Post the acquisition, Stanza Living will have a 100+ member strong technology team, it said in a statement, while the founders and the core team at Singularity Automation will be joining Stanza Living.
Founded in 2017 by Sandeep Dalmia and Anindya Dutta, Stanza Living offers rental solutions for students and working professionals. It claims to have an inventory of more than 75,000 beds across 23 cities in India.
The startup is backed by global investors such as Alpha Wave Incubation, Equity International, Falcon Edge Capital, Sequoia India, Matrix, Accel Partners, Kotak Mahindra Bank, RBL Bank and Alteria Capital.
“We are excited to have Singularity Automation join us in our journey. Technology has always been at the forefront of everything we do at Stanza Living. We look forward to customising their existing solutions and creating fresh, IoT-based platforms together, as we build a first-of-its-kind managed living ecosystem,” Anindya Dutta, managing director and cofounder of Stanza Living, said.
The coliving space which was witnessing steady growth faced challenges during the pandemic. However, as industry experts and reports indicate, the industry has seen a sharp recovery in 2021. According to a recent white paper released by Colliers, the coliving segment is expected to have 4,50,000 beds by 2024 as opposed to 2,10,000 beds by the end of 2021.
Stanza Living directly competes against the likes of Your-Space, Oxford Cap, Zolo Stays, Oyo Life, Roome, NoBroker, and NestAway among others.
Delhi-based hospitality startup Your-Space raised $10 Mn in its Series A round of funding in January this year led by Shantanu Rastogi of General Atlantic, Ajay Gupta’s family office Ajax Capital and Holy Basil Consultancy.
NoBroker, one of the leading players in the segment, raised $210 Mn in its Series E round to enter the Unicorn club, in November last year.