Pune-based student accommodation platform Amber has successfully secured $21 million in its inaugural round of institutional funding, spearheaded by Mumbai-based private equity firm Gaja Capital. The investment comprises $18.5 million in fresh equity, complemented by venture debt from Lighthouse Canton and Stride Ventures.
This infusion of capital is earmarked for two primary purposes: facilitating global expansion and augmenting the platform’s offerings for both property managers and students. Amber’s strategic agenda includes bolstering its supplier and property manager network, alongside scaling up demand from international and domestic students. Additionally, the company is committed to fostering innovation in product development.
Amber, established in 2017 by Saurabh Goel and Madhur Gujar, primarily caters to Indian students pursuing higher education in the US, UK, Ireland, Australia, and Canada. The co-founder, Saurabh Goel, elucidated the company’s vision of tapping into the burgeoning $60 billion student accommodation market by leveraging its platform, which provides comprehensive services for property discovery, including user ratings, reviews, and pricing information.
The platform, operational in seven countries and over 250 cities, envisions expanding its footprint to encompass 100-200 additional cities in the next two years, while also intensifying its presence in existing markets.
Reflecting on the investment, Gopal Jain, Managing Partner at Gaja Capital, underscored the profound impact of Amber’s solution in addressing critical pain points for students and property managers alike, amidst a global surge in student enrollments and long-term study-abroad trends.
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By Proptechbuzz
By Ravi Kumar
