Global student housing solutions provider Amber has secured $21 million in its maiden external funding round led by Gaja Capital. Lighthouse Canton and Stride Ventures also participated in the round.
According to a press release by Amber, the fresh capital will be utilized for global expansion and to enhance its offerings for property managers and students.
Founded in 2017 by Saurabh Goel and Madhur Gujar, Amber simplifies the housing process for students worldwide by providing verified listings and an integrated booking experience with virtual property tours and expert assistance.
Amber claims to offer students from more than 50 countries a booking experience in over 250 cities around the world. Currently, it lists one million beds on its platform and operates in seven countries: the UK, the US, Australia, Ireland, Canada, Germany, and Spain.
The company has also developed an AI-based dynamic pricing engine and dashboard tools to help property managers streamline operations and maximize revenue.
Initially, Amber raised angel funding from investors such as Ola’s Bhavish Aggarwal, Khatabook’s Ravish Naresh, and former FreeCharge co-founder Sandeep Tandon. Some of these investors have reportedly exited the firm.
In 2022, Amber achieved a gross bookings value (GBV) of $600 million, with operational revenue soaring to $15 million and a post-tax profit of $6 million. The company projected to surpass $1.2 billion in GBV for its partners in 2023.
Amber competes with several Indian brands in the student housing sector, including University Living, Your Space, Good Host Spaces, and Homversity.
