Platform for student accommodation, with a 35x growth rate, Amber has secured $21 Million funding led by Gaja Capital, an India focused private equity firm.$18.5 million in new equity and the remaining amount in venture capital loans from Lighthouse Canton and Stride Ventures make up this round.
The funding will go into expanding the company internationally and improving its services for students and property managers. The business intends to expand by hiring additional property managers and suppliers and concentrating on meeting increasing demand from both domestic and foreign students. It will make investments in cutting-edge product development.
“We are looking at scaling aggressively in the markets that we are currently already into. The UK, Australia and Ireland is the market that we started with, and we are the largest operator and platform in these markets, but at the same time, a lot of fund allocation would go into expanding into new markets like the US, Canada, and Europe as well,” co-founder and chief executive Saurabh Goel said.
Commenting on the investment, Gopal Jain, managing partner, Gaja Capital said, “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.”
Founded in 2016 by Saurabh Goel and Madhur Gujar, Amber is a long-term accommodation booking platform for students. Amber helps 80M students worldwide, find and book full-time accommodations near their universities, without the hassle of negotiation, non-standardized and cumbersome paperwork, and broken payment process.