New Delhi, Apr 1 (PTI) Coliving operator Stanza Living has acquired enterprise IoT platform Singularity Automation in an all-cash deal to strengthen its technology ecosystem.

Gurugram-based Stanza Living, which provides managed accommodations to students and working professionals, did not disclose the deal value.

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In a statement, Stanza Living said the acquisition is expected to strengthen its in-house technology ecosystem that serves 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.

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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 develop 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 financing 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 member strong technology team.

The co-living operator has more than 75,000 beds across 23 cities in India.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)