Stanza Living, a coliving operator, has acquired Singularity Automation, an enterprise Internet of Things (IoT) platform, in an all-cash purchase to strengthen 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 acquisition will improve its in-house technology ecosystem, which acts as the company’s backbone.
It will also help the company focus more intensely on building highly customised IoT-based solutions for the managed accommodation 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 space.
The Bangalore-based startup’s existing product portfolio includes smart door locks, secure access controllers and smart energy meters, among others.
Anindya Dutta, managing director and cofounder of Stanza Living, said, “Technology has always been at the forefront of everything we do at Stanza Living. We look forward to customising their existing solutions and creating fresh, IoT-based platforms together, as we build a first-of-its-kind managed living ecosystem”.
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 over $220 million in debt and equity to far. Stanza Living will have a technical staff of over 100 people following the acquisition.