Amber Bags $21 Mn To Expand Accommodation Offerings For Students

Student accommodation platform Amber has secured $21 Mn (INR 175 Cr) in its maiden external funding round led by Mumbai-based private equity firm Gaja Capital.

The infusion includes $18.5 Mn in equity and the remaining as venture debt, sourced from Lighthouse Canton and Stride Ventures.

The company will use the fresh capital for global expansion and to enhance its offerings for property managers and students.

“While other sectors have experienced technology-led disruption, the house-hunting process surprisingly remains outdated. In recent years, our team has utilised technology and effective execution to scale beyond PMF, and that too profitably. This funding round enhances our mission to provide a better experience, expand to new geographies, and unlock growth levers for the next phase of growth,” said Saurabh Goel, CEO of Amber.

Gopal Jain, managing partner at Gaja Capital, stated, “Saurabh and Madhur have built a truly global business out of India, and we are glad to partner with them as they work towards expansion into newer markets and deepening their offerings for students and property managers.”

Founded in 2017 by Saurabh Goel and Madhur Gujar, Amber has become a key player in the student accommodation sector worldwide, with over 1 Mn beds listed on its platform. Operating across seven countries, including the UK, US, Australia, Ireland, Canada, Germany and Spain, the company aims to simplify the housing process for students globally. 

Amber, a global accommodation platform for students, facilitates seamless booking in 250+ cities for over 1 Mn monthly users. It offers tools like an AI-based pricing engine for property managers to streamline operations and maximise revenue.

Other Indian startups in this space include Stanza Living, Oxfordcaps, OYO Life, Good Host Placio, your-space and Zolostays.

As highlighted by a 2023 study from Colliers India, the student housing market is emerging as a sought-after asset class due to escalating demand for quality accommodation. Historically unorganised and unregulated, the sector responds to the increasing migration of students to metro cities for higher education, with inadequate on-campus facilities creating a significant demand-supply gap. With around 11 Mn student relocations currently, the market is anticipated to reach 31 Mn by 2036, showcasing substantial growth potential.