Managed-accommodation space provider Stanza Living has secured Rs 110 crore in what looks like a bridge round headed by global investment company Alpha Wave, as per a report by Entrackr. The Delhi-based business has been waiting more than three years for this equity round.
According to Stanza Living's regulatory filing, the board approved a special resolution to issue 1,207 preference shares at a price of Rs 911440.17 a piece in order to raise Rs 110 crore, says the report.
While Rs 83 crore has been invested by Alpha Wave, collectively, Matrix Partners, Accel India, and Peak XV invested Rs 27 crore in the start-up. With 26.62 percent of shares, Alpha Wave (previously Falcon Edge) is the top stakeholder in the start-up, followed by Matrix Partners and Accel, according to The Kredible.
Stanza Living secured $57 million in debt financing from Kotak Mahindra Bank and RBL Bank in March 2022, following a $100 million equity raise in April 2021. To date, the company has accumulated over $230 million through various equity and debt rounds, according to the report.
In February 2024, the start-up was aiming to raise around $25 million from existing investors, including Matrix Partners, Alpha Wave, and Peak XV Partners, as per a report by CapTable.
Founded in 2017, Stanza Living was started by two erstwhile IIM-A hostel roomies, Anindya and Sandeep. Reflecting on their 'good old hostel days', the duo recognized that much of what was considered 'good' could have been improved. To provide a better experience for young people, they established a base in New Delhi in 2017. Starting with just two residences in Delhi, the company has now expanded to over 450 residences in more than 24 cities across the country.
Start-ups such as Zoho, NestAway, Coho, Colive, Your Space, and Settl are some of the co-living start-ups in India that are in direct competition with Stanza Living.
