Since its genesis in 2017, Amber, which is headquartered in Pune, has developed a global presence across Europe, UK, US, Canada and Australia.

Gaja Capital invests in technology-enabled companies in high growth sectors such as education, software, financial services and the consumer sector.

The student housing company stated that the new round of funding will be used to continue efforts at global expansion, as well as for enhancing its AI-based pricing engine for property managers. Amber also provides loan and guarantor services, and flight booking discounts for students.

“This round further strengthens our mission to provide an even better experience, expand to newer geographies and unlock growth levers for the next 10x,” said Amber’s CEO Saurabh Goel.

As mentioned in its 2023 report, Amber aims to keep up with ‘ever-evolving student preferences’ and expectations in the fast growing market of international student housing.

Other companies to invest in Amber include Lighthouse Canton and Stride Ventures.

“Amber exemplifies a unique combination of tech-driven scale, high growth, profitability, and capital efficiency that is exceedingly rare in today’s market,” said Gopal Jain, managing partner at Gaja Capital.

“Surprisingly the house-hunting process remains archaic”

Data from a 2023 Colliers India study estimates student relocations worldwide to reach approximately 31 million by 2036. Amber plans to use the funding for securing more suppliers and property managers, as it believes its current supply of 7.5 million beds will fall short of keeping up with this increased demand.

“In other sectors we have seen technology-led disruption, but surprisingly the house-hunting process remains archaic.

“Global increase in student enrolments underpinned by a long-term study abroad trend is fuelling the organised student housing market. We are deeply impressed by Amber team’s ability to solve a critical pain point for both students and property managers,” added Jain.