In a strategic move, Stanza Living, India’s leading tech-enabled managed accommodation company, has acquired enterprise IoT platform company, Singularity Automation. The acquisition will strengthen Stanza Living’s existing proprietary technology ecosystem, fast-tracking the company’s focus on developing highly-customised IoT-based solutions for the managed accommodation sector. Post the acquisition, the founders and the core team at Singularity Automation will be joining Stanza Living.
Singularity Automation was launched in 2017 to develop and implement ingenious IoT-enabled solutions and products for the managed living space. The Bangalore-based start-up’s existing product portfolio includes smart door locks, secure access controllers and smart energy meters, among others.
Talking about the acquisition, Anindya Dutta, MD and Co-founder, Stanza Living, said, “We are excited to have Singularity Automation join us in our journey. Technology has always been at the forefront of everything we do at Stanza Living. It has played a central role in improving efficiencies, strengthening our competitive advantage and creating a high-quality, hassle-free, and safe living experience for our consumers. We look forward to customizing their existing solutions and creating fresh, IoT-based platforms together, as we build a first-of-its-kind managed living ecosystem.”
The acquisition comes at a pivotal moment in Stanza Living’s growth journey as the company recently raised $57 million (Rs 425 cr) in debt financing from Kotak Mahindra Bank, RBL Bank, and Alteria Capital. Till date, Stanza Living has raised close to $220 million in debt and equity combined and continues to be the most capitalized player in the segment.
“We are proud to roll-up into India’s largest managed accommodation company and become a part of their aggressive growth journey. Given our common DNA and aligned vision to reimagine the managed accommodation space through deployment of technology, I’m confident that our existing product suite and our team’s proven track record will further sharpen Stanza Living’s best-in-class technology ecosystem,” said Chakradhar Reddy, CTO, Singularity Automation.
Stanza Living has disrupted the status quo of a largely offline managed accommodation industry with its tech-enabled mission to create best-in-class living experiences. Over the last few years, the company has developed a technology ecosystem comprising of a 360-degree, end-to-end product suite, which targets diverse business requirements like real estate acquisition, property refurbishment, demand management, operations execution, F&B delivery, lifestyle services delivery and community creation. Built with cutting-edge solutions in data analytics, AI/ML and IoT, the ecosystem is constantly being refined to deliver greater efficiency and transparency in business operations, better revenue outcomes and superior consumer value.
Post the acquisition, Stanza Living will have a 100+ member strong technology team led by Sudipta Banerjee, who joined the company as Chief Technology Officer late last year.
