New Delhi-based student accommodation startup Stanza Living has taken a leap to get funds from Matrix Partners and Accel Partners, who have invested Rs 13 crore to give a push to the student-focused business, which is largely unorganized and fragmented.
The startup, which currently offers accommodation in the National Capital Region will use the funds to expand into new cities, upgrade its technology platform, and for hiring.
“A lot of the competitiveness in the pricing comes from the fact that we use technology very intrinsically in our operations and reduce human interface as much as possible on the sites. In the next 24 months, we hope to expand to at least 5,000 beds,” said Anindya Dutta, co-founder of Stanza Living, reported ET.
The company was founded by Dutta and Sandeep Dalmia, who have worked with firms like Boston Consulting Group, Goldman Sachs, and Oaktree Capital.
Stanza Living differentiates itself from PG/rental aggregator, but focuses on student accommodation services loaded with all facilities like internet connectivity, recreational spaces, housekeeping, and food services.
The cost per student ranges from Rs7,000 to Rs25,000, depending on the specifications of the accommodation.
Apart from this, the company also offers community networking and internship opportunities to students on its platform. Its ‘Stanza Social’ initiative, which is focused on a student’s social well-being, holds monthly networking events with start-ups and bigger firms.
According to the company, the student accommodation market in India is largely unorganized and fragmented. Stanza Living aims to offer students facilities in-house, along with well-being programmes.
Stanza competes with other accommodation aggregators like Nestaway, Zocalo, Homers, and Homigo, while Yourspace, Campus Ville, and Coho Dorms are relatively established players in this space.
Stanza Living: Website