Bengaluru: Stanza Living, which provides shared accommodation for students and working professionals, said has acquired Bengaluru-based Singularity Automation that offers IoT-enabled solutions and products for the managed living space, in an all-cash deal.
The deal value was not disclosed.
The acquisition will strengthen Stanza Living’s existing technology ecosystem, and help develop highly-customized IoT-based solutions for the managed 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 and its existing product portfolio includes smart door locks, secure access controllers, and smart energy meters among others.
“…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, Stanza Living.
The proceeds will be used to fund its current and future projects and accelerate its next phase of multi-city expansion. Last year, it raised $100 million equity funding.
“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.
Post the acquisition, Stanza Living said it will have a 100-member strong technology team.