For many years, coliving has masqueraded as a technology business. Several startups and venture investors have learnt the hard way that it is merely a paying guest accommodation business.
Stanza Living is struggling. The managed accommodation provider owes money to a large number of vendors, say four former employees. Three vendors who spoke to The Morning Context said they are each awaiting payments of over Rs 20 lakh for more than six months, but so far, no money has come in. Stanza’s tenants have taken to social media to voice their concerns, claiming that the company is not refunding their security deposits (here, here and here). It gets worse. Two of the four former employees we spoke with said the company has also defaulted on payments …
Samiksha covered all things startups at The Morning Context. She joined us from The New Indian Express, where she wrote stories on the retail and food sectors. Prior to that, she had covered startups and written various business features in the Deccan Herald.
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samiksha@mailtmc.com
Bengaluru