Amber, a student accommodation platform, has secured $21 million (INR 175 Cr) in its inaugural external funding round, spearheaded by Mumbai-based private equity firm Gaja Capital.
The funding comprises $18.5 million in equity and the remainder in venture debt, procured from Lighthouse Canton and Stride Ventures.
With this infusion, Amber aims to fuel its global expansion efforts and bolster its offerings for both property managers and students.
Saurabh Goel, CEO of Amber, expressed the company's commitment to leveraging technology to revolutionize the archaic house-hunting process. He emphasized their mission to elevate user experience, expand into new territories, and unlock growth opportunities in the next phase.
Gopal Jain, Managing Partner at Gaja Capital, lauded Amber's founders, Saurabh Goel and Madhur Gujar, for building a globally impactful business from India. He expressed Gaja Capital's enthusiasm in partnering with them to facilitate expansion into new markets and enrich offerings for students and property managers.
Established in 2017, Amber, co-founded by Saurabh Goel and Madhur Gujar, has emerged as a significant player in the global student accommodation sector, boasting a platform with over 1 million beds listed. Operating across seven countries, including the UK, US, Australia, Ireland, Canada, Germany, and Spain, Amber is dedicated to simplifying the housing process for students worldwide.
The platform, serving over 1 million monthly users across 250+ cities, offers advanced tools such as an AI-powered pricing engine for property managers, aimed at optimizing operations and revenue generation.
Amber operates in a market alongside other Indian startups like Stanza Living, Oxfordcaps, OYO Life, Good Host Placio, your-space, and Zolostays.
As per a 2023 study by Colliers India, the student housing market is witnessing a surge in demand due to the growing need for quality accommodation. The sector, historically unorganized and unregulated, responds to the rising influx of students to metro cities for higher education, amidst insufficient on-campus facilities. With approximately 11 million student relocations presently, the market is projected to reach 31 million by 2036, presenting significant growth prospects.
