Stanza Living is an aggressive startup in the student accommodation space, probably an area still to develop in this country. The startup has just received its first round of institutional funding and the investment has been co-led by Matrix Partners India and Accel. None of the parties associated have disclosed the actual amount raised; however, reports suggest that it is $2 million.
They are currently operating in only Delhi-NCR and have plans to expand their presence to the other parts of the country soon.
Stanza Living is trying to be a disruptive force in a market that is estimated to be worth $12 billion. Large educational institutions offer limited facilities in their hostels inside the campuses. Many students have to look for accommodation outside. Similarly, cities like Delhi attract thousands of students from neighbouring states who would be studying in regular colleges and they are also the target customers for Stanza Living.
Commenting on the fundraise, Sandeep Dalmia, cofounder, Stanza Living said, "We plan to disrupt the student accommodation market by providing a tech enabled, professionally managed student living experience. We are committed to developing a product that represents a significant upgrade from what incumbent student residences have to offer."
The startup aims to develop and offer to students the best-in-class accommodation that leaves them with very little worry about their living conditions, including food. They would work closely with the existing landlords in converting their properties and ensure they also stand to gain in the process.
â€śToday, students in India aspire for a higher level of safety, comfort and a feeling of community at their existing accommodation options. Stanza Livingâ€™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. It is our privilege to partner with Sandeep and Anindya on this journey and look forward to working closely with them.â€ť said Gourav Bhattacharya, Vice President, Matrix India.
Stanza Living will put technology to extensive use in its processes and ensure the studentsâ€™ safety also, a major concern for the girls and boys in cities like Delhi, especially the former. The startup currently caters to around 100 students and hopes to take this count to 5, 000 in the next two years. The indicative cost per student could be anywhere between Rs 7, 000 and Rs 25, 000 depending on various parameters.
Abhinav Chaturvedi, Principal, Accel added, â€śThe student accommodation market in India is dominated by fragmented and unprofessional housing option providers. A typical student housing customer is underserved and has the ability and willingness to pay for superior experience. We are excited to be a part of this journey.â€ť