Student accommodation startup Stanza Living has raked in $10 million in its Series A round led by Sequoia Capital with the participation of existing investors Matrix Partners and Accel Partners.
The fresh funding for Stanza Living comes after a gap of 11 months when it scooped up $2 million from the aforementioned existing backers. Now, the Delhi-based startup has total $12 million in its kitty.
Stanza Living will deploy the latest proceeds towards ramping up its technology, swelling the current team size and expanding into cities such as Pune, Jaipur, Hyderabad, Bengaluru and Indore over the next three-four months.
Founded by Anindya Dutta and Sandeep Dalmia, Stanza Living provides full stack student accommodation services loaded with all facilities like internet connectivity, recreational spaces, housekeeping, and food services.
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The cost per student ranges from Rs 7,000 to Rs 25,000, depending on the specifications of the accommodation.
With 2000 beds across the Delhi-NCR region, Stanza Living aims to grow by 5x to reach between 10,000-20,000 beds in the next 8 months. It also claimed to have clocked Rs 2 crore worth of revenues in the academic year ended May 2018.
Further, it is anticipating a huge growth in revenue and aims to end May 2019 with a 10x annual growth in topline crossing Rs 20 crore.
Nestaway, Zocalo, StayAbode, Zocalo, Homers, Homigo, Yourspace, and Campus Ville are some notable players in this space.
The development was reported by Mint.