Student Accommodation Startup Amber Bags $21 Mn In a Round Led By Gaja Capital The startup will utilize funds for global expansion and to enhance its offerings for property managers and students
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Student accommodation platform Amber announced that it has raised USD 21 Mn (INR 175 Crores) led by Gaja Capital in its latest funding round. The global accommodation player added that it 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. The company is committed to simplifying the housing process for students globally by providing verified listings, a seamless and integrated booking experience with virtual property tours and expert assistance. It has over 1M+ beds listed on its platform and a presence across seven countries: UK, US, Australia, Ireland, Canada, Germany, and Spain.
"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. 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 10x," said Saurabh Goel, CEO of Amber.
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.
"Amber exemplifies a unique combination of tech-driven scale, high growth, profitability, and capital efficiency that is exceedingly rare in today's market. 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," said Gopal Jain, Managing Partner, Gaja Capital.
Lighthouse Canton and Stride also participated in the funding. The Rainmaker Group acted as the exclusive financial advisor on this transaction.