Managed accommodation provider Stanza living has raised $57 million in debt financing from Kotak Mahindra Bank and RBL Bank, with its existing debt provider Alteria Capital also participating.
Stanza Living will use these funds to fund capital expenditures for the company’s current and future projects and accelerate the next phase of the company’s multi-city expansion.
The debt comes as a result of solid equity funding of $100 million raised by Stanza Living in the middle of last year.
“This debt raise is a result of our prudent financial management and disciplined planning to stay ahead of short-term market challenges. It will provide us with ammunition to deliver a higher return on equity and continue aggressively scaling our operations across the country,” said Anindya Dutta, MD and Co-founder, Stanza Living.
New Delhi-based startup was founded in 2017 by Sandeep Dalmia and Anindya Dutta, Stanza Living is the managed housing provider of choice for students and working professionals living in 23 cities across the country.
Recently, the startup also launched a new business vertical as Campus Facility Management based on strong inward interest from large educational institutions and corporate houses.
The managed housing sector in India has witnessed a manifold increase in the demand for reliable, high quality and safe housing options, especially during the COVID pandemic.
With the adoption of the hybrid work/study model and the growth of adaptable operators such as Stanza Living, who are creating comprehensive solutions for diverse consumer segments, the sector is attracting investor interest.