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Pune-based Startup Amber GrabS $21 million Funding by Mumbai Based Gaja Capital

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A student accommodation Platform Amber absorbs $21 Million funding led by Gaja Capital. Amber having a 35x growth rate secured this fund from Mumbai-based company Gaja capital which is an India focused private equity firm. They secured $18.5 million in new equity and the remaining amount in venture capital loans from Lighthouse Canton and Stride Ventures make up this round.

The company will use this funding for global expansion and to enhance its offerings for property managers and students. Their plan is to grow its operations by enlisting more suppliers and property managers, while also focusing on scaling the demand from both international and domestic students. It will invest in innovation on the product development front.

During an interview with The Economic Times, cofounder and chief executive Saurabh Goel quoted, “We are looking at scaling aggressively in the markets that we are currently already into. The UK, Australia and Ireland is the market that we started with, and we are the largest operator and platform in these markets, but at the same time, a lot of fund allocation would go into expanding into new markets like the US, Canada, and Europe as well.”

Talking about the investment, the Managing partner, Gaja Capital Gopal Jain said, “Global increase in student enrolments underpinned by a long-term study-abroad trend is fuelling the organized student housing market. We are deeply impressed by Amber team’s ability to solve a critical pain point for both students and property managers.”

Amber is a Pune-based startup, well known for long-term accommodation platform which provides services from more than 50 countries with a booking experience in more than 250 cities around the world. It enables the transaction between a property manager and customers but does not play a role operationally in maintenance of the property. It also helps students regarding loan services, discounts on flight bookings and guarantor services. The company has collaborated with study-abroad consultancies and loan providers to attract student demand.