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Stanza Living, a Delhi-based student housing start-up, plans to expand its business by entering three new markets and will also be focusing more on technology to run the company after funding.
The company raised a total of $10 million (₹73 crore) in an investment round led by Sequoia India, a venture capital firm.
Educational institutions
“Bengaluru, Hyderabad and Pune are the three cities we will enter next year. The reason for choosing them is the presence of a large number of educational institutions,” said Anindya Dutta, Co-founder, Stanza Living.
The company, launched in 2017, currently has 2,000 beds in 16 properties in Delhi and Noida.
Currently, the price of a room ranges from ₹7,000 to ₹25,000.
Dutta said around 12 million students need housing in the country. Due to greater migration to educational hubs, the segment has the potential to grow two to three times in the next 10 years.
Challenges
“The sector, which is still in a nascent stage, needs to evolve the regulatory landscape. The entire unorganised segment needs to be organised,” said Dutta.
The asset light company does not have direct ownership, it sign contracts with the landlords for a period of 5-12 years. It, however, invests some capital in refurbishing the properties.
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