Student accommodation platform Amber Monday said it has raised $21 million (around Rs 175 crore) led by Gaja Capital in its latest funding round, which also saw participation from venture debt platforms Lighthouse Canton and Stride Ventures.
Amber is planning to use the fresh capital for global expansion and to enhance its offerings for property managers and students, the company said in a release.
Prior to this, Amber, which was founded in 2017 by Saurabh Goel and Madhur Gujar, had raised capital from angel investors, including Ola’s Bhavish Aggarwal, Khatabook’s Ravish Naresh and former FreeCharge co-founder Sandeep Tandon. The company lists student beds on its platform, in more than 250 cities across seven countries--the UK, the US, Australia, Ireland, Canada, Germany and Spain.
The company said it simplifies the housing process for students globally by providing verified listings and integrated booking experiences, with virtual property tours and expert assistance. It also claims to have more than 1 million beds listed on its platform.
“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,” said Saurabh Goel, chief executive officer of Amber.
“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 Goel.
In addition to its student-centric offerings, the company also provides its AI-based dynamic pricing engine and dashboard tools to help property managers streamline operations and maximise revenue.
“Global increase in student enrolments underpinned by a long-term study abroad trend is fuelling the organised student housing market,” said Gopal Jain, managing partner, Gaja Capital. "We are impressed by the Amber team’s ability to solve a critical pain point for both students and property managers."
The Rainmaker Group acted as the exclusive financial advisor on this transaction.