In the first round of institutional funding from Matrix Partners and Accel Partners, Delhi-based student accommodation Stanza living has managed to raise Rs. 13 crore ($ 2 million). The startup will use this capital to expand to other cities like Kota, Dehradhun and Pune, improve technology and focus on talent acquisition.
In the next two years the company is looking to increase the number of students on its platform from 100 to 5,000. Gourav Bhattacharya, VP at Matrix Partners said, “Today, students in India aspire for a higher level of safety, comfort and a feeling of community at their existing accommodation options. Stanza Living’s approach at creating a home away from home for students, is a compelling value proposition that we expect will see rapid adoption from parents and students across the country”.
According to a survey by JLL India, India has 34 million students pursuing higher education, with 20 million students migrating internally for studies. Development of student housing infrastructure will potentially lead to an influx of overseas students to Indian universities, and thus transform into an education hub.
Stanza Living was founded in 2017 by a former Boston Consulting Group Executive Sandeep Dalmia, and Anindya Dutta. Using the platform, student can find accommodation across a price range from Rs. 7,000 to Rs. 25,000. It also provides a holistic network of food, grocery, medical, wifi and other allied services within and around the residency and is also in talks with potential unicorns in the startup ecosystem across food delivery and the beauty services market to make accommodation an affordable bet for students.
The startup also specializes in student well-being programs by providing community networking and internship opportunities through its ‘Stanza Social’ initiative. According to Dutta, The country’s student accommodation sector, Dutta claims, is largely disorganised and fragmented. Armed with the newly-raised financing from Matrix Partners and Accel, Stanza Living is looking to redefine student living experiences.
