Stanza Living, a provider of shared accommodation for students and working professionals, announced the all-cash acquisition of Bengaluru-based Singularity Automation, which develops IoT-enabled solutions and products for the managed living space.
Stanza Living’s existing technology ecosystem will be strengthened, and the acquisition will aid in the development of highly customized IoT-based solutions for the managed accommodation sector. Singularity Automation’s founders and core team will join Stanza Living following the acquisition.
Singularity Automation was founded in 2017 and is backed by IvyCap Ventures and Times Internet. Its existing product range includes smart door locks, secure access controls, and smart energy metres, among other things.
“…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.
The proceeds will be utilized to fund existing and future projects and speed up the company’s multi-city expansion. In addition, it raised $100 million in equity funding last year.
“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,” said Chakradhar Reddy, CTO, Singularity Automation.
Stanza Living stated it would have a 100-member strong technology team following the acquisition.