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Student accommodation platform Amber has announced that it has raised USD 21 million (Rs 175 million) in its latest funding round led by Gaja Capital. The global accommodation company added that it will use the new funding for global expansion and enhance its services for property managers and students.
Amber was founded in 2017 by Saurabh Goel and Madhur Gujar. The company is committed to simplifying the housing process for students around the world by providing a seamless, integrated booking experience with verified listings, virtual property tours and expert assistance. The company has over 1 million beds listed on its platform and is spread across seven countries: the UK, US, Australia, Ireland, Canada, Germany and Spain.
“At Amber, we have been passionate about solving the housing search process, starting with students. Having experienced this first-hand, we know there is a huge gap in the customer experience for a need as 'basic' as housing. I noticed that. “We've seen technology-driven disruption, but surprisingly the home-hunting process remains archaic. Over the past few years, our team has leveraged technology and effective execution to We've scaled far beyond PMF, and done so profitably. This round further strengthens our mission.” to unlock 10x growth levers,” said Saurabh Goel, CEO of Amber.
Amber is an extended stay platform that provides students from over 50 countries with a seamless booking experience in over 250 cities around the world.
“Amber represents a unique combination of technology-driven scale, high growth, profitability and capital efficiency that is extremely rare in today’s market. Global student enrollment driven by long-term study abroad trends is fueling the organized student housing market.'' We are deeply impressed by the Amber team's ability to solve critical pain points for both students and property managers. Saurabh and Madhur are building a truly global business out of India and we are excited to partner with them as they look to expand into new markets. We are further enhancing our services for students and property managers,” said Gopal Jain, his partner in managing Gaja Capital.
Lighthouse Canton and Stride also participated in funding. Rainmaker Group acted as exclusive financial advisor on this transaction.