Amber Secures $21M Investment Led by Gaja Capital

Amber, a growing student accommodation platform that provides student housing solutions worldwide, has raised $21 million in its latest maiden external funding round. This round was led by a private equity firm, Gaja Capital, in addition to other investment firms such as the Lighthouse Canton and Stride. Amberstudent plans to utilize this newly raised capital to expand its global presence and improve its services to both property managers and students across the globe. 

Amber was founded in 2017 by Saurabh Goel and Madhur Gujar, headquartered in Pune. The firm primarily focuses on Indian students seeking education in foreign countries, especially the UK, the US, Ireland, Australia, and Canada. This startup funding round inculcated around $18.5 million of fresh equity and the remaining venture debt from Lighthouse Canton and Stride Ventures.

Amber’s primary market is the United Kingdom; the company also has a stronghold of the student housing market in countries such as the United States, Australia, Ireland, Canada, Germany, and Spain. Now, the company aims to expand its operations by onboarding more suppliers and property managers. Amber also aims to address the growing demand for high-quality student housing worldwide, driven by both international and domestic students. As the need for ideal accommodation continues to escalate, Amber is committed to scaling its operations to meet the evolving requirements of students globally.

Saurabh Goel, CEO at amber, has emphasized upon the company’s undivided attention and dedication to simplifying the house-hunting process for students around the world. The aim here is to bridge the gap between the customer experience and the housing sector. This process eliminates the broker negotiation and streamlines the paperwork process, making it a hassle-free procedure for students abroad to book a home away from home.

Gopal Jain, Managing Director at Gaja Capital, has underscored how amber is an exceptional blend of technology-driven scale with high growth potential, profitability, and high capital efficiency. Gaja Capital is known for its significant investments in businesses propelled by technology in varied industries, including education, software development, financial services, and consumer direct segments. They anticipate exponential growth for Amber in the forthcoming years, given the company's promising prospects.

The demand for student housing across the globe has seen a significant rise, especially after the pandemic. Students around the world are seeking quality student accommodation near their desired universities. According to a 2023 study by Colliers India, student relocations worldwide are projected to reach approximately 31 million by 2036. This surge in demand highlights a shortage of available beds compared to the current supply, as we stand at only 7.5 million beds at present. 

Amber's successful startup funding round accentuates its commitment to addressing the growing demand for student accommodation globally and its potential to revolutionise the housing market for students. Want to read more such informative articles? Follow AmberNews!