New Delhi, July 12 (IANS) Student housing company Stanza Living has raised around $50 million (Rs 342 crore) in its Series C funding round led by Falcon Edge Capital, sources said.
Other participants in the funding round incldued its existing investors Sequoia Capital, Matrix Partners and Accel Partners.
Present across the key educational hubs of Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Coimbatore, Indore, Vadodra and Dehradun, the company is targeting an inventory of one lakh beds by 2021 and has also committed an investment of Rs 250 crore to strengthen its pan-India presence.
Although the company did not confirm the amount raised in the Series C funding round, Anindya Dutta, Managing Director and co-founder, Stanza Living, said: “We are excited to welcome Falcon Edge Capital at this strategic point in our growth journey, where we are consolidating our presence as India’s largest student housing operator.
“To build our capabilities and strengthen footprint, we are considering a healthy balance of organic and inorganic growth measures, including potential acquisitions of competitors. We will be deploying a significant part of the raised capital towards these efforts.”
The total funding raised by the company in the past was $16.7 million (Rs 115 crore), including debt financing of $4.4 million.