Amber Student in advanced talks for $20 million venture round led by prominent VC firm

Amber Student, a Pune-based start-up specializing in global student housing solutions, has embarked on securing a venture round, marking its inaugural foray into institutional funding. Saurabh Goel and Madhur Gujar, the founders of the company, are currently in advanced negotiations with a prominent venture capital firm to secure a funding round ranging from $15 million to $20 million. These negotiations are expected to reach fruition within the next three to four weeks. Notably, the start-up has garnered support from prominent angel investors such as Bhavish Aggarwal of Ola, Ravish Naresh of Khatabook, and Sandeep Tandon, a co-founder of FreeCharge.

Amber Student's operational footprint spans seven countries, where it serves more than 340 student housing operators. The platform serves as a vital resource for students, enabling them to discover verified housing options, perform side-by-side comparisons, and effortlessly secure accommodations in proximity to universities. Over the past two years, the start-up has experienced remarkable growth, attracting the attention of discerning venture capitalists. While the identity of the lead investor for the upcoming funding round remains shrouded in secrecy, there is palpable potential for Amber Student to secure a funding amount surpassing $20 million, potentially elevating the company's valuation to an estimated $100 million.

The platform endeavours to simplify the housing process by obviating the need for broker negotiations and streamlining the intricacies of paperwork and payment procedures. Amber Student proudly claims access to one million beds strategically located near 800 universities across the countries in which it operates. In 2022, the company achieved significant milestones, reporting a gross booking value (GBV) of $600 million, with operational revenue reaching an impressive $15 million and post-tax profits standing at a commendable $6 million. The outlook for 2023 remains exceedingly optimistic, with Amber Student anticipating surpassing $1.2 billion in GBV for the benefit of its valued partners.

While Amber Student maintains its registration in the United States, its operations within India during FY22 yielded notable results, generating operating revenue of Rs 17.9 crore ($2.35 million) and a commendable profit of Rs 2.81 crore ($0.36 million), based on data sourced from TheKredible. The company is presently awaiting the completion of its audited annual report for FY23. The student housing market shows no signs of abating and is poised for sustained growth, with projections indicating a valuation surpassing $25 billion by the year 2025. In navigating this thriving sector, Amber Student competes with several Indian counterparts, including University Living, Your Space, Good Host Spaces, and Homversity, among others.

Established in 2016 by IIT Kharagpur alumni Saurabh Goel and Madhur Gujar, Amber has played a pivotal role in simplifying the intricate task of finding student housing overseas. Undergoing substantial evolution, the start-up rebranded as "Amber" in 2021 and now stands as a leading provider of global student housing solutions. Collaborating closely with PBSA, HMOs, and universities, Amber offers an extensive catalogue of over 1 million verified student housing choices, encompassing 140+ cities in 25+ countries and 6 regions.

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Amber Student in advanced talks for $20 million venture round led by prominent VC firm

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