Stanza Living Invests ₹77 Crores to Enter Managed Apartments Market
Co-living spaces operator Stanza Living announced on 2nd June 2022 that it has invested $10 million (Around ₹77 crores) to enter into the managed apartments sector of rental housing market. Stanza Living will be focussing on providing rented living spaces for students & working professionals. Stanza Living announced that it has expanded its product portfolio with the launch of customisable, fully-furnished & managed apartments in 6 major cities of India including Delhi NCR, Hyderabad, Chennai, Bengaluru & Pune.
The company has said that the initial investment of $10 million to enter the new business category has been used to launch with an initial inventory of 5,000 rooms. The company aims to increases its portfolio to 1,20,000 managed apartments by 2026, the co-living spaces operator also intends to continue growing its presence and increase the footprint of its existing hostel style managed accommodation business for students & young employed professionals. The company will offer its residents a range of customisable options for a host of daily lifestyle services.
The daily lifestyle services it offers include meals, internet, housekeeping, laundry, mobility, security, recreational activities, community engagement etc. amongst other services. Senior Vice President, Revenue & Growth at Stanza Living, Sahil Ludhani said “after establishing a strong brand value with our fully-serviced living solutions for students and working professionals, we are excited to foray into a high-potential category like managed apartments.”
Over the duration of the last 5 years, Stanza Living has attracted interest from blue-chip global investors which include Equity International, Alpha Wave Incubation, Sequoia Inida, Accel Partners, Matrix & Falcon Edge Capital. Stanza Living’s inventory is growing at a rapid rate and it is projected to have an inventory of more than 75,000 beds in 23 cities all across India.