Gaja Capital, Lighthouse Canton and Stride back Pune’s platform
Amber, a leading student accommodation platform from Pune, says US$21.5 million raised recently is for expansion into newer international markets and enhance its offerings for property managers and students.
Gaja Capital led the latest funding round of Amber, founded in 2017 by Saurabh Goel and Madhur Gujar. Lighthouse Canton and Stride also participated in the funding.
The Rainmaker Group acted as the exclusive financial advisor on this transaction.
With over 1+ million beds listed on its platform, Amber has established itself as a leading player globally in the student accommodation sector across seven countries: UK, US, Australia, Ireland, Canada, Germany and Spain.
The company’s commitment to simplify the housing process for students globally by providing verified listings, seamless and integrated booking experience with virtual property tours and expert assistance has led to its rapid and profitable growth.
Amber CEO Saurabh Goel said on 16 Feb, “We have been deeply obsessed with solving the house-hunting process, starting with students. Having faced this first-hand back in the day, we noticed a significant gap in the customer experience for a need as fundamentals housing.
“In other sectors, we have seen technology-led disruption, but surprisingly house-hunting still remains archaic. Last few years, we have heads-down executed, scaling well beyond PMF, and that too profitably.
“This round further strengthens our mission to provide an even better experience, scale to newer geographies and unlock growth levers for the next 10x.”
Amber is a long-term accommodation platform that helps students in 50+ countries to book accommodation across the developed world.
In addition to its student-centric offerings, the company has developed AI-based dynamic pricing engine and dashboard tools to help property managers, streamline operations and maximise revenue.
Gaja Capital Managing Partner Gopal Jain added, “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 fueling 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.” Fiinews.com
