Student-accommodation platform Amber to utilise $21 mn fundraise for global expansion, product development

Amber, a student-accommodation platform, has successfully secured $21 million in a recent funding round, led by prominent investors including Gaja Capital, Lighthouse Canton, and Stride.

The infusion of fresh equity and venture debt is aimed at fuelling the platform's global expansion initiatives.

Spearheading this strategic move is Saurabh Goel, the CEO of Amber, who expressed enthusiasm about the company's growth trajectory. "It has been a couple of years of us being in existence, and capital efficiency has been in our DNA. Already, we have scaled to several different countries – the UK, Australia, and Ireland. A major part of the fundraise will go into getting deeper and increasing our market share in markets like the UK and Australia," stated Goel in an interview to CNBC-TV18.

The funds raised will not only be allocated to consolidating Amber's presence in existing markets but will also play a pivotal role in the platform's aggressive expansion into new territories. Goel outlined ambitious plans for entering key markets, including the US, Canada, Germany, and Spain, identifying them as significant growth opportunities in the future.

In addition to geographical expansion, Amber is poised to explore strategic partnerships with study abroad players and universities. This collaborative approach aims to enhance the platform's offerings and provide a comprehensive solution for students seeking accommodation globally.

Founded in 2017, the edtech startup has its headquarters in Pune and has emerged as a leading player in the student-accommodation sector. The platform boasts over a million beds listed on its network, catering to students across seven countries.

In a separate development, watch CNBC-TV18's Aishwarya Anand shed light on the disruptive endeavours of Hyderabad-based startup Troo Good. The company is making waves in the low-end snack market with its innovative products, including millet chikkis, millet-based protein bars, and nutri bars.