Singularity Automation is acquired by Stanza Living in an all-cash deal

• ByStartupStory     |    April 2, 2022

Stanza Living, a managed lodging provider, has paid an undisclosed sum for Singularity Automation, an enterprise IoT platform startup. Stanza announced the acquisition just days after raising $57 million (Rs 425 crore) in debt financing from Kotak Mahindra Bank and RBL Bank, as well as its previous finance provider Alteria Capital.

Stanza Living has raised about $220 million in debt and equity so far, making it the segment’s most well-capitalized company. Stanza Living’s existing proprietary technology ecosystem will be strengthened as a result of the acquisition, and the company’s focus on developing highly customized IoT-based solutions for the managed lodging industry will be accelerated.

Stanza Living’s existing technology ecosystem will be strengthened, and the acquisition will aid in the development of highly tailored IoT-based solutions for the managed accommodation sector. Singularity Automation’s founders and core staff will join Stanza Living following the acquisition.

Singularity Automation was founded in 2017 and is backed by IvyCap Ventures and Times Internet. Its current product range includes smart door locks, secure access controls, and smart energy meters, among other things.

Stanza Living said in March that it has raised $57 million (Rs 425 crore) in debt financing from Kotak Mahindra Bank and RBL Bank. Alteria Capital, an existing lender, also took part in the round. The funds will be utilized to fund existing and future projects as well as speed up the company’s multi-city expansion. It raised $100 million in equity capital last year.

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