Co-living operator Stanza Living on Thursday said it has entered into managed apartments vertical with an investment of USD 10 million (Rs 77.5 crore). Stanza Living provides rented accommodation to students and working professionals.
In a statement, Stanza said, it has expanded product portfolio by launching customised, fully-managed apartments in six cities across the country, including Delhi, NCR (Gurugram), Bengaluru, Hyderabad, Pune and Chennai. “Starting with an investment of USD 10 million, the new business category has been launched with an initial inventory of 5,000 rooms,” the company said. Stanza Living plans to grow this new portfolio to 1,20,000 rooms by 2026.
The company would continue to deepen the footprint of its existing hostel-style managed accommodation businesses for students and young working professionals. The company offers residents a wide and customisable umbrella of daily lifestyle services like meals, internet, laundry, housekeeping, mobility, security, community engagement, recreational activities and more. “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,” Sahil Ludhani, Senior Vice President, Revenue and Growth at Stanza Living, said.
During the course of five years, the company has garnered interest from blue-chip global investors, including Alpha Wave Incubation, Equity International, Falcon Edge Capital, Sequoia India, Matrix, Accel Partners. Stanza Living has an inventory of 75,000+ beds across 23 cities in India.