Co-living start-up Stanza Living acquires IoT firm Singularity Automation

Co-living start-up Stanza Living has announced the acquisition of an enterprise IoT firm Singularity Automation in an all cash deal. The company didn’t disclose the deal valuation. Stanza Living said that the acquisition will strengthen its existing proprietary technology ecosystem, fast-tracking the company’s focus on developing highly-customised IoT-based solutions for the shared accommodation sector. Post the acquisition, the founders and the core team at Singularity Automation will be joining 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 space.The Bangalore-based start-up’s existing product portfolio includes smart door locks, secure access controllers and smart energy meters, among others.

“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,” Anindya Dutta, MD and co-founder, Stanza Living said.

Stanza Living recently raised $57 million (Rs 425 crore) 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.

Over the last few years, the company claims to have 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.