Stanza Living, a co-living startup, has announced the all-cash acquisition of Singularity Automation, an enterprise IoT provider. The deal’s value was not disclosed by the corporation. The acquisition, according to Stanza Living, will reinforce the company’s current unique technology ecosystem, allowing it to focus more quickly on building highly customized IoT-based solutions for the shared housing industry. Singularity Automation’s founders and core staff will join Stanza Living following the acquisition.
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 space. Smart door locks, secure access controllers, and smart energy meters are among the products offered by the Bangalore-based start-up.
“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,” said Anindya Dutta, MD and co-founder of Stanza Living.
Stanza Living has secured debt funding for $57 million (Rs 425 crore) from Kotak Mahindra Bank, RBL Bank, and Alteria Capital. Stanza Living has raised about $220 million in debt and equity combined, making it the most well-capitalized company in the market.
“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 the 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”, stated Chakradhar Reddy, chief technology officer, Singularity Automation.
The company claims to have built a technology ecosystem that includes a 360-degree, end-to-end product suite that addresses a variety of business needs such as real estate acquisition, property refurbishment, demand management, operations execution, F&B delivery, lifestyle services delivery, and community creation over the last few years.