Student housing startup Stanza Living has reportedly raised funds amounting to Rs 73 crore (over $10 million) in a funding round led by venture capital firm Sequoia Capital India.
This funding round also saw participation by existing investors Matrix Partners and Accel. With this fundraising, the total capital raised by Stanza Living has reached Rs 86 crore as of now.
With these funds, the startup is planning to strengthen its technology engine, beef up its core leadership team as also establish its network of operations across multiple markets.
“With 2000 beds across the Delhi-NCR region itself, we are positioning this business for scale. We are in advanced conversations to expand to educational hubs such as Bangalore, Pune, Hyderabad and a few more cities by the end of this ongoing academic year (May-June),” Anindya Dutta, Managing Director and Co-Founder, Stanza Living stated.
For this, the company is looking to increase volumes heavily with a growth target five times more, at between 10,000-20,000 beds in the next 8 months as the curtains close on the ongoing academic year. The Delhi-based company founded in 2017 charges between Rs 7,000-25,000 per bed and clocked Rs 2 crore revenues in the academic year ended May 2018.