Global student housing solutions provider Amber has raised $21 million in its maiden external round led by Gaja Capital. Lighthouse Canton and Stride Ventures also participated in the round.
The firm will use the fresh capital for global expansion and to enhance its offerings for property managers and students, Amber said in a press release.
While Amber did not disclose its valuation, sources tell Entrackr that the company is likely to be valued at around $100 million. Entrackr had exclusively reported about the development in September last year.
Founded in 2017 by Saurabh Goel and Madhur Gujar, Amber simplifies the housing process for students globally by providing verified listings, and integrated booking experience with virtual property tours and expert assistance.
Amber claims that it provides students from more than 50 countries with a booking experience in more than 250 cities around the world. Currently, it has one million beds listed on its platform with a presence across seven countries: the UK, the US, Australia, Ireland, Canada, Germany, and Spain.
The company has also developed an AI-based dynamic pricing engine and dashboard tools to help property managers streamline operations and maximise revenue.
During its initial days, Amber had raised angel funding from Ola’s Bhavish Aggarwal, Khatabook’s Ravish Naresh, and former FreeCharge co-founder Sandeep Tandon. As per Entrackr’s sources, some of these investors have already exited the firm.
In September, the Pune-based startup claimed that it reached a gross bookings value (GBV) of $600 million in 2022 while its operational revenue soared to $15 million with a post-tax profit of $6 million. In 2023, Amber had projected to cross $1.2 billion in GBV for their respective partners.
Amber competes with several Indian brands including University Living, Your Space, Good Host Spaces, and Homversity, among others.
