The newest fund-raising spherical had participation from among the present buyers
Stanza Living, a managed lodging supplier in India, is within the remaining levels of sealing a deal to boost as much as $120 million in a Series D spherical led by an Abu Dhabi primarily based investor, two sources with data of the matter have informed Reuters. The newest funding spherical values the corporate at about $600 million, one of many sources mentioned, up from about $300 million within the prior Series C spherical in 2019, including that the deal is anticipated to shut by the top of this month.
Stanza’s enterprise mannequin centres across the large market in small guesthouses – domestically known as PGs, quick for Paying Guest –  which offer inexpensive meals and lodging to each college students and staff migrating to the nation’s fast-growing megacities. The firm had about 50,000 beds as of March finish 2020 with per mattress rents in cities together with Delhi, Bangalore and Hyderabad starting from Rs 3,000 to Rs 25,000 per thirty days.
The firm expanded to 4 new cities final 12 months and has beforehand mentioned it goals so as to add 100,000 beds by the top of 2021. The nation’s total residential rental market was price greater than $20 billion in 2019, in keeping with some estimates.
Stanza has thus far raised $70 million from enterprise capital corporations together with Sequoia Capital, Accel Partners, Matrix Partners, Falcon Edge Capital and Equity International. Sequoia, Matrix and Falcon Edge weren’t instantly obtainable for remark.
The newest fund-raising spherical had participation from among the present buyers, the sources mentioned, declining to call which of them. The sources requested anonymity as a result of they weren’t approved to speak concerning the matter publicly. Stanza didn’t reply to a request for remark. The New-Delhi primarily based agency’s rivals in a extremely fragmented market embody Zolo Stays and Oyo Life, amongst others.
(Except for the headline, this story has not been edited by NDTV employees and is revealed from a press launch)
