Stanza Living, one of the most renowned names in co living industry is expecting to invest Rs. 400 crore in next 2 years. The firm believes that the education institutions will begin once situations go back to normal and hence the rental businesses will gain the momentum again.
Since its inception in 2017, Stanza has raised $70 million from investors like Falcon Edge Capital, Sequoia Capital, Accel, Matrix Partners, and Alteria Capital. They are currently present in 14 cities with a total capacity of 55,000 beds in a price range of Rs 4K to Rs 25K per bed.
Anindya Dutta, MD and Co-founder of Stanza Living said in a statement, “We are seeing a limited impact on our business. Our revenue has been hit marginally by around two percent. Most of the students have gone back to their home but they are occupying our beds and paying rents,” The startup though has provided some relief for the student community through discounts.
The co-founder is in a dilemma about the present situations of the educational institutions but is confident that the business will shoot up once crisis gets better. He says that education is important and students will have to come back to study.
The company moved into providing co-living spaces for working professionals as well earlier this year. They are also not thinking about delaying their expansion plans and will be adding about 50K beds in next 12-18 months. They are also very confident about their financial capacity and do not wish to raise any investments in near future.