Leading global expansion and enhancing services for property managers and students, Amber obtains $21 million in funding headed by Gaja Capital.
In a funding round headed by Gaja Capital, student housing platform Amber announced on Monday that it had raised $21 million, or roughly Rs 175 crore. An announcement said that Amber intended to use the new funding for international growth and to improve its services for students and property managers.
Among the investors in the investment round were Stride and Lighthouse Canton in addition to Gaja Capital. Exclusive financial advisor for the deal was The Rainmaker Group. Solving the house-hunting process has been our obsession, beginning with the students.
Amber offers students from more than 50 nations a smooth online booking experience in more than 250 global cities.
Over 340 student housing operators are allegedly run by Amber in seven different countries: the UK, USA, Australia, Ireland, Germany, Canada, and Spain. Students can find and reserve housing alternatives, compare houses, and verify them with the app.
According to the aforementioned source, “Amber has grown multifold in the past two years (post-Covid) and their metrics attracted several venture capitalists.” “A number of investors showed clear interest, and Amber might ultimately raise more money—above $20 million. The business is probably worth $100 million or such.
The company claims that it simplifies paperwork and payment procedures and filters out broker negotiations. It has furnished lodging close to 800 universities in the nations where it is present, and it boasts a million beds.
The US-registered company Amber reported operational revenue of Rs 17.9 crore ($2.35 million) and profit of Rs 2.81 crore ($0.36 million) in India in FY22, according to a data intelligence platform. The company has not yet submitted its FY23 audited annual report.
According to an industry assessment, the market for student housing is expected to keep expanding and reach a valuation of more than $25 billion by 2025. Amber has competition from a number of Indian businesses, such as Homversity, University Living, Your Space, and Good Host Spaces.
