Amber, the student accommodation platform, has successfully raised $21 million (approximately ₹175 crores) in its latest funding round, with private equity firm Gaja Capital at the helm. The funding comprises $18.5 million in equity from Gaja Capital, supplemented by venture debt from Lighthouse Canton and Stride Ventures.
Headquartered in Pune, India, Amber operates as a marketplace for students to book long-term housing, spanning the UK, US, Australia, Ireland, Germany, Canada, Spain, and China. This funding injection is pivotal for driving global expansion and advancing the company’s offerings for property managers and students alike.
Saurabh Goel, CEO of Amber, conveyed his enthusiasm about the capital infusion, stating, “While technology has disrupted various sectors, the house-hunting process surprisingly remains archaic. Over the past few years, our team has harnessed technology and executed effectively to scale well beyond PMF, and that too profitably. This funding round further fortifies our mission to provide an enhanced experience, expand into newer geographies, and unlock growth opportunities for the next phase.”
Gopal Jain, Managing Partner at Gaja Capital, highlighted the global surge in student enrollments and the enduring trend of studying abroad as catalysts propelling the organized student housing market. Jain expressed satisfaction in partnering with Amber and its founders, Saurabh Goel and Madhur Gujar, as they chart a course towards expanding into new markets and enriching their service offerings.
Founded in 2017, Amber plans to allocate the funds strategically, focusing on product development, supply and demand enhancement, and refining the rental booking process. The company aims to solidify its presence in existing markets like the UK, Ireland, and Australia, while also venturing into new territories such as the US, Canada, Spain, and Germany.
This funding will also support partnerships with property managers to expand inventory and target student communities, stimulating demand. Leveraging AI for efficiency, Amber aims to streamline operations for property managers with dedicated tools.
Saurabh Goel emphasized the company’s commitment to simplifying the house-hunting process, making it as seamless as reserving a hotel. The allocation of funds aims to create a smooth booking experience for students globally.
Amber currently provides student accommodation in seven countries, with the UK and Australia constituting 70-80% of its business. The company anticipates an increase in business in newer markets, reaching approximately 40-50% in the next 2-3 years. Students from over 50 countries use the platform in more than 250 cities worldwide.
Gopal Jain of Gaja Capital praised Amber’s ability to address critical pain points for both students and property managers, expressing deep satisfaction in partnering with the company. This funding round underscores Amber’s growth potential and its dedication to reshaping the global student housing market.