Coliving operator Stanza Living has attained enterprise IoT platform Singularity Automation in an all-cash deal to strengthen its technology ecosystem.
Gurugram-based Stanza Living, which delivers managed accommodations to students and working professionals, did not disclose the deal value.
In a statement, Stanza Living said the acquisition is expected to strengthen its in-house technology ecosystem that aids as a backbone of the business.It will also fast-track the company's focus on developing highly-customised 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 to grow and implement ingenious 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, MD and Co-founder 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 recently raised USD 57 million (Rs 425 crore) in debt funding from Kotak Mahindra Bank, RBL Bank and Alteria Capital.
To date, Stanza Living has raised close to USD 220 million in debt and equity combined.
Post the acquisition, Stanza Living will have a 100-plus associates strong technology team.The co-living operator has more than 75,000 beds across 23 cities in India.