First round of institutional funding for student accommodation platform Amber was led by Mumbai-based private equity firm Gaja Capital.

The round includes $18.5 million in fresh equity and venture debt from Lighthouse Canton and Stride Ventures.

Global expansion and enhancement of its offerings for property managers and students will be done with the funds.

More suppliers and property managers will be needed to grow the company, while also scaling demand from both international and domestic students. It's going to invest in fresh ideas for products.

“We are looking at scaling aggressively in the markets that we are currently already into. The UK, Australia and Ireland are the markets 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,” cofounder and chief executive Saurabh Goel says.

The Pune-based company, which was founded in 2017 by Goel and Madhur Gujar, focuses primarily on Indians studying in the US, the UK, Ireland, Australia, and Canada, given that the student housing market in these countries is worth $60 billion.

Goel says, “This market size is growing as more supply is coming into the picture.”

Students from over 50 countries can find rental properties with user ratings, reviews and pricing on Amber, a long-term accommodation platform. It facilitates interactions between a property owner and their clients, but it is absent from operational duties related to the upkeep of the property. It also provides students with loan services, discounts on flight bookings, and guarantor services. The firm has teamed up with overseas study advisory firms and financial aid firms to entice prospective students.