M&A

M&A

Managed accommodation player Stanza Living acquires IoT platform Singularity Automation

Economic Times  

Managed accommodation provider Stanza Living has acquired enterprise Internet of Things (IoT) platform company Singularity Automation. The acquisition comes days after Stanza Living raised INR 425 crore in debt financing led by Kotak Bank and RBL Bank, with its existing debt provider Alteria Capital also participating. Backed by IvyCap Ventures and Times Internet, Bengaluru-based Singularity Automation was launched in 2017 to develop and implement ingenious IoT-enabled solutions and products for the managed living segment. Stanza Living has raised close to INR 1,670 crore in debt and equity combined, and continues to be the most capitalised player in the segment. The acquisition is expected to strengthen Stanza Living's existing proprietary technology ecosystem, enhancing the company's focus on developing customised IoT-based solutions for the managed accommodation sector.