Tuesday, July 2, 2024
HomeEdTech MarketStudent Housing Platform Amber Raises $21M to Expand Its Operations Globally

Student Housing Platform Amber Raises $21M to Expand Its Operations Globally

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Amber, a long-term accommodation booking platform for students, has announced that it has secured $21 million in its first round of institutional funding, led by Mumbai-based private equity firm Gaja Capital. The deal included $18.5 million in new equity and the remaining venture debt from Lighthouse Canton and Stride Ventures.

With this financing round, the company intends to expand globally and enhance its offerings for property managers and students. It also hopes to grow its operations further by hiring more suppliers and property managers while addressing demand from both international and domestic students. It plans to invest in product innovation.

Co-founded by Saurabh Goel and Madhur Gujar in 2017, Amber simplifies the housing process for students globally by providing verified listings and integrated booking experience with virtual property tours and expert assistance. The platform enables transactions between a property manager and customers but only plays an operational role in property maintenance. It also assists students with loan services, discounts on flight bookings and guarantor services. The startup has partnered with study abroad consultancies and loan providers to attract student demand.

Speaking about the company, Co-founder & CEO of Amber, Saurabh Goel, said:

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. We have seen technology-led disruption in other sectors, but surprisingly, the house-hunting process remains archaic.

The firm, headquartered in Pune, claims to have expanded into Australia, Ireland, Canada, Germany, Spain, the United Kingdom, and the United States. It has witnessed over 1 million monthly visits to its website and mobile apps. The company has also developed an AI-based dynamic pricing engine and dashboard tools to help property managers streamline operations and maximize revenue.

Commenting on the fundraising, Gopal Jain, Managing Partner of Gaja Capital, said:

Amber exemplifies a unique combination of tech-driven scale, high growth, profitability, and capital efficiency that is exceedingly rare in today’s market. The global increase in student enrolments underpinned by a long-term study abroad trend is fuelling the organized student housing market.

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Jaswinder Singh
Jaswinder Singhhttps://lmsdaily.com
I am an experienced Moodle Professional with experience in Moodle Course Creation, Moodle Setup, Moodle Integration, Moodle Training, Moodle Support & troubleshooting. YI am the author of popular books - "How to use Moodle 4.1" and "how to use Moodle 2.7". I work with one goal in mind “CUSTOMER SATISFACTION” – whether this means working to achieve results within a specific deadline (or beating the deadline), or with a focus on solid quality, if my client requires the job to be done I will go out of my way to achieving whatever it is that is necessary to do so. Basically, I can take care of your all Moodle requirements so that you can focus on your core job and I will manage your Moodle LMS.

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