Amber, a leading student accommodation platform, has secured $21 million in a recent funding round, spearheaded by private equity firm Gaja Capital. This funding includes $18.5 million in equity from Gaja, with the remaining portion sourced as venture debt from Lighthouse Canton and Stride Ventures.
Headquartered in Pune, Amber provides a marketplace for students to secure long-term housing solutions. With this substantial investment, the company aims to bolster its global presence and enrich its services for both property managers and students.
Saurabh Goel, CEO of Amber, outlines the company’s strategic focus, stating, “We are dedicated to solidifying our presence in established markets like the UK, Ireland, and Australia, while also expanding into new territories such as the US, Canada, Spain, and Germany. Our aim is to evolve from ‘zero to one’ to ‘one to ten’ in these regions.”
The capital infusion will primarily be channeled towards product development and enhancing supply and demand dynamics. Amber intends to forge partnerships with property managers to diversify its inventory and target student communities to stimulate demand.
“We are committed to simplifying the rental booking process, making it as effortless as reserving a hotel room. By equipping property managers with streamlined operational tools and leveraging AI technologies, we aim to enhance overall efficiency,” explains Goel.
Established in 2017 by Saurabh Goel and Madhur Gujar, Amber currently operates in seven countries: the United Kingdom, the United States, Australia, Ireland, Canada, Germany, and Spain. While the UK and Australia contribute to a significant portion of Amber’s business, the company anticipates a surge in newer markets, aiming for approximately 40-50% growth in the next 2-3 years.
Amber boasts a diverse user base, with students from over 50 countries utilizing the platform in more than 250 cities worldwide, including approximately 50 major urban centers.
Gopal Jain, Managing Partner at Gaja Capital, underscores the growth potential of the student housing market, stating, “The global surge in student enrollments, coupled with a sustained trend of studying abroad, is driving the growth of the organized student housing sector. We are impressed by Amber’s ability to address crucial pain points for both students and property managers.”
Looking ahead, Amber remains open to exploring inorganic growth opportunities through potential acquisitions to foster further expansion and innovation in the sector.
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