Updated February 12th, 2024 at 19:20 IST
Student housing platform Amber raises $21 million by Gaja Capital
The company will utilise funding for global expansion, improving offerings for property managers and students.
Funding futures: Student accommodation platform Amber has raised $21 million in funding led by Gaja Capital, the company said on Monday.
Others participating in the funding round include Lighthouse Canton and Stride. The fundraise marks the company's first maiden external round.
With the fresh capital infusion, Amber is planning upon global expansion and enhancing offerings for property managers and students, the company stated.
The company was founded in 2017 by Saurabh Goel and Madhur Gujar, and simplifies the housing process for students globally through verified listings, integrating booking, virtual property tours and expert assistance.
The Rainmaker Group was the financial advisor for the transaction. Students from 50 countries are provided with a booking experience in over 250 cities around the world.
"We have been obsessed with solving the house-hunting process, starting with students. Having experienced this first-hand, we noticed a significant gap in the customer experience for a need as 'fundamental' as housing." "... in the last few years, our team has leveraged technology and effective execution to scale well, and that too profitably," Amber CEO Saurabh Goel said.
Competitors for the company in India include University Living, Your Space, Good Host Spaces and Homversity.
Notably, Amber has one million beds listed on its platform and is present across seven countries: the UK, the US, Australia, Ireland, Canada, Germany, and Spain.
The company also developed an AI-based dynamic pricing engine and dashboard tools for property managers to streamline operations and maximise their revenue.
Amber in its initial days had raised angel funding from Bhavish Aggarwal of Ola, Ravish Naresh of Khatabook and Sandeep Tandon, who was formerly the co-founder of FreeCharge.
Published February 12th, 2024 at 19:20 IST