Amber, a pioneering force in global student housing solutions, has successfully secured $21 million in its first external funding round, spearheaded by Gaja Capital. Noteworthy participation also came from Lighthouse Canton and Stride Ventures, marking a significant milestone for the company’s expansion plans.
This fresh infusion of capital will be instrumental in propelling Amber’s global footprint while bolstering its suite of offerings tailored for property managers and students alike. With a commitment to simplifying the housing journey for students worldwide, Amber provides a seamless experience through verified listings, integrated booking systems featuring virtual property tours, and expert guidance.
Founded in 2017 by Saurabh Goel and Madhur Gujar, Amber has rapidly emerged as a frontrunner in the industry, catering to students from over 50 countries across more than 250 cities worldwide. Boasting a portfolio of one million beds listed on its platform, the company operates in seven key markets, including the UK, the US, Australia, Ireland, Canada, Germany, and Spain.
Central to its innovative approach is Amber’s utilization of cutting-edge technology, including an AI-driven dynamic pricing engine and intuitive dashboard tools designed to empower property managers in optimizing operations and maximizing revenue.
Having initially garnered support from notable angel investors such as Bhavish Aggarwal of Ola, Ravish Naresh of Khatabook, and Sandeep Tandon, co-founder of FreeCharge, Amber has continued to attract attention within the startup ecosystem. Reports suggest that some of these early investors have already divested their stakes in the company.
September saw Amber reaching impressive milestones, with a reported gross bookings value (GBV) of $600 million in 2022 and operational revenue soaring to $15 million, culminating in a post-tax profit of $6 million. The company is projected to cross the $1.2 billion mark in GBV for its partners in 2023, underscoring its sustained growth and success trajectory.
In a competitive landscape populated by Indian brands such as University Living, Your Space, Good Host Spaces, and Homversity, Amber continues to distinguish itself through its unwavering commitment to innovation, customer satisfaction, and global expansion. As it embarks on this next phase of growth fueled by strategic investment, Amber remains steadfast in its mission to redefine the student housing experience on a global scale.
