stanza living: Stanza Living buys Internet of Things platform Singularity

Managed accommodation provider Stanza Living has acquired enterprise Internet of Things (IoT) platform company Singularity Automation for an undisclosed amount. The acquisition comes days after Stanza Living raised ₹₹425 crore in debt financing led by Kotak Bank and RBL Bank, with its existing debt provider Alteria Capital also participating.

Stanza Living has raised close to ₹1,670 crore in debt and equity combined, and continues to be the most capitalised player in the segment.

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.

After the acquisition, the founders and the core team at Singularity Automation will be joining Stanza Living.

“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,” said Anindya Dutta, MD, Stanza Living. Backed by IvyCap Ventures and Times Internet, Singularity Automation was launched in 2017 to develop and implement ingenious IoT-enabled solutions and products for the managed living segment. “Given our common DNA and aligned vision to reimagine the managed accommodation space, 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.

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