Stanza Living Acquisition With Singularity Automation

Stanza Living, a coliving operator, has acquired Singularity Automation, an enterprise Internet of Things (IoT) platform, in an all-cash purchase to bolster its technological ecosystem. The sale value was not disclosed by Gurugram-based Stanza Living, which provides managed lodgings to students and working people.

Stanza Living stated in a statement that the purchase will improve its in-house technological ecosystem, which acts as the company’s backbone.

It will also let the firm focus more intensely on building highly tailored IoT-based solutions for the managed housing sector.

Singularity Automation, backed by IvyCap Ventures and Times Internet, was founded in 2017 with the goal of developing and implementing innovative IoT-enabled solutions and products for the managed living environment.

Smart door locks, secure access controllers, and smart energy meters are among the products offered by the Bangalore-based startup.

Stanza Living’s managing director and co-founder, Anindya Dutta, said, “Stanza Living has always put technology at the center of all we do. We’re excited to work with them to customize their existing solutions and develop new IoT-based platforms as we create a first-of-its-kind controlled living environment “.

Stanza Living has secured debt funding for $57 million (Rs 425 crore) from Kotak Mahindra Bank, RBL Bank, and Alteria Capital.

To date, Stanza Living has raised more than $220 million in debt and equity. Following the acquisition, Stanza Living will have a technical team of approximately 100 persons.