Amber, a student accommodation platform, has made headlines by raising $21 million in its first round of institutional funding through a mix of equity and debt infusion.

The funding round, which comprises $18.5 million in fresh equity, was led by Mumbai-based private equity firm Gaja Capital, while Lighthouse Canton and Stride Ventures infused $2.5 million into the startup as venture debt.

As per the startup, the freshly raised funds will be used for global expansion and to enhance its offerings for property managers and students. The startup also plans to invest in innovation on the product development front.

Amber | Student Accommodation Platform

Founded by Saurabh Goel and Madhur Gujar in 2017, Amber is a Pune-headquartered student accommodation platform that primarily focuses on Indians studying in the US, the UK, Ireland, Australia, and Canada.

The startup provides students from over 50 countries services for the discovery of rental properties with user ratings, reviews, and pricing. The student accommodation platform also assists students with loan services, discounts on flight bookings, and guarantor services.

Speaking about the development, Saurabh Goel, Co-founder of Amber, while highlighting their scaling plans, said,

“We are looking at scaling aggressively in the markets that we are currently already into. The UK, Australia, and Ireland are the markets 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.”

As per Goel, the student accommodation market in these countries is worth $60 billion, and as more supply is coming into the picture, this market size is growing.

Statement from the Investor

Commenting on the investment, Gopal Jain, Managing Partner, Gaja Capital, shared his insights on the potential of the student housing market, driven by the global increase in student enrolments and long-term study-abroad trend.

Jain added

“We are deeply impressed by the team’s ability to solve a critical pain point for both students and property managers.”

With the raised funds, the student accommodation platform also plans to grow its operations by enlisting more suppliers and property managers while also focusing on scaling the demand from both international and domestic students.

For property managers, the firm has developed an AI-based dynamic pricing engine and dashboard tools that help them streamline operations and maximize revenue. Currently, Amber is present in seven countries and over 250 cities. Over the next two years, the student accommodation platform aims to add 100-200 more cities while also increasing coverage in existing cities.

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