<p>Stanza Living, a managed accommodation provider in India, is in the final stages of sealing a deal to raise up to $120 million in a Series D round led by an Abu Dhabi-based investor, two sources with knowledge of the matter have told Reuters.</p>.<p>The latest funding round values the company at about $600 million, one of the sources said, up from about $300 million in the prior Series C round in 2019, adding that the deal is expected to close by the end of this month.</p>.<p>Stanza's business model centres around the huge market in small guesthouses - locally called PGs, short for Paying Guest - which provide affordable food and accommodation to both students and workers migrating to India's fast-growing megacities.</p>.<p>The company had about 50,000 beds as of March end 2020 with per bed rents in cities including Delhi, Bangalore and Hyderabad ranging from 3,000 rupees ($41.31) to 25,000 rupees per month.</p>.<p>The company expanded to four new cities last year and has previously said it aims to add 100,000 beds by the end of 2021.</p>.<p>India's overall residential rental market was worth more than $20 billion in 2019, according to some estimates.</p>.<p>Stanza has so far raised $70 million from venture capital firms including Sequoia Capital, Accel Partners, Matrix Partners, Falcon Edge Capital and Equity International.</p>.<p>Sequoia, Matrix and Falcon Edge were not immediately available for comment.</p>.<p>The latest fund-raising round had participation from some of the existing investors, the sources said, declining to name which ones.</p>.<p>The sources requested anonymity because they were not authorized to talk about the matter publicly. Stanza did not respond to a request for comment.</p>.<p>The New-Delhi based firm's competitors in a highly fragmented market include Zolo Stays and Oyo Life, among others. </p>
<p>Stanza Living, a managed accommodation provider in India, is in the final stages of sealing a deal to raise up to $120 million in a Series D round led by an Abu Dhabi-based investor, two sources with knowledge of the matter have told Reuters.</p>.<p>The latest funding round values the company at about $600 million, one of the sources said, up from about $300 million in the prior Series C round in 2019, adding that the deal is expected to close by the end of this month.</p>.<p>Stanza's business model centres around the huge market in small guesthouses - locally called PGs, short for Paying Guest - which provide affordable food and accommodation to both students and workers migrating to India's fast-growing megacities.</p>.<p>The company had about 50,000 beds as of March end 2020 with per bed rents in cities including Delhi, Bangalore and Hyderabad ranging from 3,000 rupees ($41.31) to 25,000 rupees per month.</p>.<p>The company expanded to four new cities last year and has previously said it aims to add 100,000 beds by the end of 2021.</p>.<p>India's overall residential rental market was worth more than $20 billion in 2019, according to some estimates.</p>.<p>Stanza has so far raised $70 million from venture capital firms including Sequoia Capital, Accel Partners, Matrix Partners, Falcon Edge Capital and Equity International.</p>.<p>Sequoia, Matrix and Falcon Edge were not immediately available for comment.</p>.<p>The latest fund-raising round had participation from some of the existing investors, the sources said, declining to name which ones.</p>.<p>The sources requested anonymity because they were not authorized to talk about the matter publicly. Stanza did not respond to a request for comment.</p>.<p>The New-Delhi based firm's competitors in a highly fragmented market include Zolo Stays and Oyo Life, among others. </p>