Co-living firm Stanza Living has secured Rs 40 crore in debt financing from Alteria Capital, a venture debt fund, to fund its growth plans, the company said.
This is in addition to the Rs 30 crore Alteria invested in the company earlier this year, taking its total debt infusion in Stanza Living up to Rs 70 crore.
Launched in 2017, Stanza Living is a capitalised player in the space, with total funding to the tune of $70 million from marquee global investors like Falcon Edge Capital, Sequoia Capital, Accel, Matrix Partners and Alteria Capital.
The company has unlocked an inventory of over 47,500 beds in less than three years across key hubs like Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Coimbatore, Indore, Vadodara and Dehradun.
“We are excited to deepen our partnership with Alteria Capital which reflects their confidence in our business model and growth trajectory. The capital infusion will enable us to further increase the pace of our strategic growth across markets through organic and inorganic measures,” said Anindya Dutta, managing director and co-founder, Stanza Living.
“As we continue to focus on transforming the shared accommodation sector in India, we are delighted to have strong financial planning support from our partners. We have scaled our high-quality living experience by over 400x in just 2.5 years of operations and will continue deepening access to consumers across the country” said Sandeep Dalmia, managing director and co-founder, Stanza Living.
“We are very excited to continue supporting Stanza Living with its focus on growing the business with strong fundamentals. Through this partnership, we are together working on creating financing and funding structures that will set a new precedent for the industry in India,” said Ajay Hattangdi, managing partner, Alteria Capital.
A joint ASSOCHAM-JLL study has projected the demand for shared rental market at 5.7 million beds, offering a huge market opportunity of Rs 1 lakh crore by 2023. Such a market was estimated at 3.6 million beds in 2018. Delhi-NCR and Bengaluru will account for more than 50 percent of this cumulative capacity, going forward.
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