Student accommodation platform Amber has bagged $21 million in a funding round led by private equity firm Gaja Capital.
The funding comprises $18.5 million in equity from Gaja and the remainder in the form of venture debt from Lighthouse Canton and Stride Ventures.
Amber, which provides a marketplace for students to book long-term housing, plans to use the capital to expand globally and enhance its offerings for property managers and students.
“Solidifying and deepening our presence in markets we have already launched in, such as the UK, Ireland, and Australia, is one focus. The other is expanding into new geographies, including the US, Canada, and several countries in Europe like Spain and Germany. While we have already entered these markets, our goal is to go from ‘zero to one’ to ‘one to 10’,” Saurabh Goel, CEO of Amber told YourStory.
The Pune-headquartered firm plans to allocate funds to develop products and enhance both supply and demand. It intends to partner with property managers to expand its inventory while targeting student communities to boost demand.
“We are ensuring that the entire process of house hunting is as seamless as possible. The idea is to simplify the rental booking process, making it as effortless as reserving a hotel. We are building tools for property managers, enabling them to streamline their operations,” said Goel, adding that the company is leveraging AI to enhance efficiency.
Founded in 2017 by Goel and Madhur Gujar, Amber offers student accommodation across seven countries: the United Kingdom, the United States, Australia, Ireland, Canada, Germany, and Spain.
The United Kingdom and Australia constitute around 70-80% of Amber’s business, while the remainder comes from markets such as the US, Canada, and Europe. Amber expects its business in the newer markets to increase to approximately 40-50% in the next 2-3 years.
Students from over 50 countries use the platform in more than 250 cities around the world, including about 50 large cities, said the company.
“Global increase in student enrolments underpinned by a long-term study abroad trend is fuelling the organised student housing market. We are deeply impressed by Amber team’s ability to solve a critical pain point for both students and property managers,” said Gopal Jain, Managing Partner at Gaja Capital.
Goel said that Amber may look at inorganic growth opportunities by acquiring some smaller companies to foster growth in the future.
Edited by Swetha Kannan
