Amber, a prominent student accommodation platform, has secured USD 21 million in its debut institutional funding round, led by Mumbai-based private equity firm Gaja Capital. Of this, USD 18.5 million is fresh equity, while the remainder comes as venture debt from Lighthouse Canton and Stride Ventures. Operating in seven countries and 250+ cities, Amber aims to add 100-200 more cities in the next two years, leveraging its Indian base for efficient resource utilization. This funding milestone positions Amber for further expansion and innovation in the competitive student housing market.
Amber, a leading platform for student accommodation, has successfully secured USD 21 million in its inaugural institutional funding round. The investment was spearheaded by Mumbai-based private equity firm Gaja Capital, signalling a strong vote of confidence in Amber's potential.
The breakdown of the funding reveals that USD 18.5 million has been invested as fresh equity, with the remaining portion provided as venture debt from Lighthouse Canton and Stride Ventures. As Amber continues to grow and expand, this financial infusion represents an important turning point in the company's history.
Utilising the raised capital, Amber has outlined ambitious plans for global expansion and service enhancement for both property managers and students. This includes expanding its supplier and property manager base, catering to the diverse needs of local and international students, and investing in innovative product development initiatives.
Since its inception in 2017 by Saurabh Goel and Madhur Gujar, Amber has primarily targeted Indian students studying abroad in countries such as the US, UK, Ireland, Australia, and Canada.
Amber serves as a long-term accommodation platform, offering comprehensive services to students from over 50 countries. The platform facilitates the discovery of rental properties through user ratings, reviews, and pricing information while also providing services such as loan assistance, flight booking discounts, and guarantor services.
Currently operating in seven countries across more than 250 cities, Amber has ambitious expansion plans. It aims to add an additional 100-200 cities over the next two years, expanding both geographical reach and service coverage. By building the platform from India, Amber aims to leverage its resources efficiently while tapping into the revenue potential of markets like the US and the UK.
Gopal Jain, managing partner at Gaja Capital, expressed optimism about the investment, highlighting the global increase in student enrolments as a key driver for growth in the organised student housing sector. Jain commended Amber's ability to address critical pain points for students and property managers, underscoring the company's potential for further success in the market.
Amber's successful fundraising round, led by Gaja Capital, marks a significant milestone for the company as it positions itself for further expansion and development in the competitive student accommodation market.
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