Indian student accommodation platform Amber announced Monday that it has raised $21 million led by Gaja Capital in its latest funding round.
Amber said in a statement that Lighthouse Canton and Stride also participated in the funding.
According to the statement, the firm would use the fresh capital for global expansion and to enhance its offerings for property managers and students.
Amber was founded in 2017 by Saurabh Goel and Madhur Gujar. With over 1 million+ beds listed on its platform, Amber has established itself as a leading player globally in the student accommodation sector across seven countries: United Kingdom, United States, Australia, Ireland, Canada, Germany, and Spain.
The company is committed to simplify the housing process for students globally by providing verified listings, seamless and integrated booking experience with virtual property tours and expert assistance. This has led to its rapid and profitable growth.
“At Amber, we have been deeply obsessed with solving the house-hunting process, starting with students. Having experienced this first-hand, we noticed a significant gap in the customer experience for a need as ‘fundamental’ as housing,” said Saurabh Goel, Chief Executive Officer of Amber.
“In other sectors we have seen technology-led disruption, but surprisingly the house-hunting process remains archaic. In the last few years, our team has leveraged technology and effective execution to scale well beyond PMF, and that too profitably,
“This round further strengthens our mission to provide an even better experience, expand to newer geographies and unlock growth levers for the next 10 times,” he added.
Amber is a long-term accommodation platform that provides students from more than 50 countries with a seamless booking experience in more than 250 cities around the world.
The firm has become the partner of choice for students and property managers in its markets.
More than 1 million students visit Amber’s platform monthly on its website and mobile apps.
In addition to its student-centric offerings, the company has developed an AI-based dynamic pricing engine and dashboard tools to help property managers streamline
operations and maximize revenue.
“Amber exemplifies a unique combination of tech-driven scale, high growth, profitability, and capital efficiency that is exceedingly rare in today’s market,” said Gopal Jain, Managing Partner, Gaja Capital.
“Global increase in student enrolments underpinned by a long-term study abroad trend is fuelling the organized student housing market. We are deeply impressed by Amber team’s ability to solve a critical pain point for both students and property managers,
“Saurabh and Madhur have built a truly global business out of India, and we are glad to partner with them as they work towards expansion into newer markets and deepening their
offerings for students and property managers,” he added.
It is noted that millions of students go for higher education every year across the developed world and spend around half of their non-tuition student expenses on housing.
Amber’s mission statement is to simplify housing for students by eliminating broker negotiations and streamlining tedious paperwork and payment processes.
The company provides an integrated and seamless ‘discovery to transaction journey’ for students with user ratings,
reviews, price transparency, virtual property tours and guided end-to-end booking journey through an integrated platform.
Additionally, its “amber+” offering streamlines the pre and post move-in journey, helping students with loans, discounts on flight bookings and guarantor services.
The Rainmaker Group acted as the exclusive financial advisor on this transaction.