Amber, a student accommodation platform raised USD 21 million in its first round of institutional funding, led by Mumbai-based private equity firm Gaja Capital.
According to media reports, the round comprises USD 18.5 million in fresh equity and the remaining in venture debt from Lighthouse Canton and Stride Ventures.
Reports added that the fresh funds will be used for global expansion and to enhance its offerings for property managers and students. Moreover, the company plans to grow its operations by enlisting more suppliers and property managers, while also focusing on scaling the demand from both international and domestic students. It will invest in innovation on the product development front.
Goel and Madhur Gujar founded the company in 2017. It is headquartered in Pune and primarily focuses on Indians studying in the US, the UK, Ireland, Australia and Canada. The student accommodation market in these countries is worth USD 60 billion.
Amber helps students from over 50 countries find long-term rental properties with user ratings, reviews, and pricing. It connects property managers with customers, but doesn’t handle property maintenance. Also, it offers loan services, discounts on flight bookings, and guarantor services to students. The company has partnered with study-abroad consultancies and loan providers to attract student demand. The company has a footprint in seven countries and over 250 cities.