Managed accommodation provider Stanza Living has secured Rs 110 crore ($13 million) in a bridge funding round led by Alpha Wave. This marks the first equity round for the Delhi-based startup in over three years.
Stanza Living’s board approved a special resolution to issue 1,207 preference shares at Rs 911,440.17 each, raising a total of Rs 110 crore, according to regulatory filings accessed from the Registrar of Companies.
Alpha Wave contributed Rs 83 crore, while Matrix Partners, Accel India, and Peak XV collectively invested Rs 27 crore.
According to data from TheKredible, Stanza Living is now valued at approximately Rs 3,900 crore ($470 million), a slight increase from Rs 3,525 crore ($424 million) in the previous equity round.
The company was reportedly in discussions to raise $25 million.
In March 2022, Stanza Living raised $57 million in a debt round led by Kotak Mahindra Bank and RBL Bank, following a $100 million equity round in April 2021. To date, it has raised over $230 million through various equity and debt rounds.
Stanza Living provides managed accommodation solutions for working professionals and students, boasting an inventory of over 75,000 beds across 450 residences in 24 cities.
The company’s revenue from operations surged to Rs 442 crore in FY23 from Rs 115 crore in FY22. However, its losses also increased by 18.71% to Rs 495 crore in FY23 compared to Rs 417 crore in FY22. Stanza Living has yet to file its audited financial statements for FY24.
Stanza Living faces competition from Colive, Your Space, Settl, Union Living, and Coho. In a notable industry move, Tiger Global-backed home rental startup NestAway was acquired by Aurum PropTech (formerly Majesco Ltd) last year at a significantly reduced valuation of $11 million.
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By Proptechbuzz
By Ravi Kumar
