The company said that it will utilise funds for global expansion and to enhance its offerings for property managers and students.
Student accommodation platform Amber has raised $21 million (Rs 175 Crores) led by Gaja Capital in its latest funding round. The company intends to use the fresh capital for global expansion and to enhance its offerings for property managers and students, it said in a press statement.
Started by Saurabh Goel and Madhur Gujar, the company provides a marketplace for students to book long-term housing.
Reacting to the fundraiser, Saurabh Goel, CEO of Amber says, “Having experienced this first-hand, we noticed a significant gap in the customer experience for a need as “fundamental” as housing. In other sectors, we have seen technology-led disruption, but surprisingly the house-hunting process remains archaic. In the last few years, our team has leveraged technology and effective execution to scale well beyond PMF, and that too profitably. This round further strengthens our mission to provide an even better experience, expand to newer geographies, and unlock growth levers for the next 10x”.
The company is operational in over 50 countries with seamless booking experience in over 250 cities worldwide.
More than 1 million students visit Amber’s platform monthly on its website and mobile apps. In addition to its student-centric offerings, the company has developed an AI-based dynamic pricing engine and dashboard tools to help property managers streamline operations and maximise revenue.
Gopal Jain, managing partner of Gaja Capital says, “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.”
In 2021, the number of universities in the country reached 1003, accompanied by 40,000 colleges. According to available reports, over 37 million students enrolled in higher education during the academic year 2019-20, with an additional 12 million students becoming eligible for college education annually.
Despite the pandemic, over 2 lakh Indian students went abroad to study in 2020, as reported by the Ministry of External Affairs (MEA). Between 2016 and 2019, nearly 22 lakh Indian students opted for foreign higher education.