Shared living operator Stanza Living has acquired enterprise IoT platform Singularity Automation in an all-cash deal to strengthen its technology ecosystem.
Stanza Living has not yet disclosed the value of the deal. This acquisition is expected to further strengthen the company’s in-house technology ecosystem that serves as the backbone of the business, Stanza Living said in a statement.
It will also fast-track the company’s focus on developing highly customized IoT-based solutions for the managed housing sector.
“Technology has always been at the forefront of everything we do at Stanza Living. We look forward to customising their existing solutions and creating fresh, IoT-based platforms together, as we build a first-of-its-kind managed living ecosystem”, said, Anindya Dutta, managing director and co-founder of Stanza Living.
Bangalore-based Singularity Automation was launched in 2017 by Chakradhar Reddy Veeramreddy, It is an Internet of Things (IoT) technology provider. Singularity Automation helps companies operating in this industry manage thousands of properties across multiple cities.
The company’s existing product portfolio includes smart door locks, secure access controllers and smart energy meters. Singularity Automation backed by IvyCap Ventures and Times Internet.
“We are proud to roll up into India’s largest managed accommodation company and become a part of their aggressive growth journey. Given our common DNA and aligned vision to reimagine the managed accommodation space through the deployment of technology, I’m confident that our existing product suite and our team’s proven track record will further sharpen Stanza Living’s best-in-class technology ecosystem,” said Chakradhar Reddy, CTO, Singularity Automation.
Delhi-based Stanza Living, which has over 75,000 beds, offers shared accommodation for students and working professionals in 23 cities across the country.
Stanza Living has raised approximately $220 million in debt and equity combined since its inception.