Startups

Unlocking the Door to Student Housing: The amber Story

• ByStartupStory     |    September 11, 2023

The Inception: Saurabh Goel’s Vision

In the ever-evolving landscape of student accommodation, one startup dared to simplify the complex. Meet Saurabh Goel, the CEO and Co-Founder of amber, whose journey began at the prestigious IIT Kharagpur. Armed with a passion for innovation, he embarked on a career at Housing.com. This was where he fine-tuned his technological prowess and delved into the intricacies of business. Little did he know that these experiences would lay the foundation for a groundbreaking venture.

Madhur Gujar: The Mechanical Engineer Turned Innovator

Joining forces with Saurabh is Mr. Madhur Gujar, the Chief Business Officer and Co-Founder of amber. A mechanical engineer from IIT Kharagpur, Madhur brought a wealth of knowledge to the table. His professional journey provided invaluable insights into business development, marketing strategies, and strategic planning. Together, they set their sights on a mission – to redefine student housing.

The Birth of Amber: Bridging Gaps in Student Accommodation

Amber’s journey commenced in 2016, born from personal challenges faced by Saurabh and his friends during their transition to the United States. They witnessed firsthand the inefficiencies in the housing process. Negotiating with brokers, battling through piles of paperwork, and deciphering complex payment processes were obstacles they knew needed a solution. It was from this need that amber was conceived.

Imagine amber as a specialized version of booking.com, exclusively catering to the unique needs of over 235 million students worldwide seeking accommodations near their educational institutions.

Empowering Students Worldwide

The mission was simple yet profound: to simplify housing for students by eliminating broker negotiations, streamlining tedious paperwork, and simplifying payment processes. Market research affirmed the need, and insights from Saurabh’s experiences at Housing.com provided the foundation.

Their journey began with a humble website, and the response was overwhelming – over 1,000 accommodation requests in just 24 hours! Amber’s innovative approach involved direct engagement with students via social media, particularly Facebook groups. This strategy enabled them to connect with students directly, a pioneering move that solidified their presence in the APAC student accommodation sector.

Amber’s Exponential Growth

Since its inception, amber has witnessed exponential growth. It now boasts over a million student housing units across 80 cities in 6 countries. The APAC region has been a cornerstone of their success, with a remarkable fourfold increase in year-on-year revenue over three years, reaching a Gross Bookings Value of $600 million at the end of the last year. 2022 alone saw operational revenue soar to $15 million, sporting a strong 40% profit margin, resulting in a post-tax profit of $6 million.

The Resilience Amidst the Pandemic

The COVID-19 pandemic posed a significant challenge for businesses, including student accommodation providers. However, amber’s response was nothing short of remarkable. They strategically expanded into domestic markets like the UK and the USA to navigate international travel restrictions, ensuring students could find housing within their home countries. A free cancellation policy was swiftly introduced for most properties, offering students the flexibility they needed during uncertain times.

The Offering: More Than Just Accommodation

Amber offers 24/7 support, virtual property tours, and expert assistance to simplify the student housing process. Their amber+ service streamlines the study abroad journey, offering assistance with tasks like opening bank accounts and availing student discounts on flight bookings.

The Competitive Landscape

Amber operates in a competitive market. However, what sets them apart is their focus on personalization and a genuine commitment to creating a seamless accommodation experience. They understand that continuous growth and learning are vital, and their ratings on platforms like Trustpilot (4.8/5) attest to their success..

A Remarkable Team

With a team that has grown from 10 to over 600, amber’s success is attributed to its dedicated and talented members. They span various domains, including partnerships, SEO, social media, operations, sales, product development, and growth, creating a harmonious blend that works towards a common goal.

The Future: Global Leadership in Student Housing

Amber’s future holds ambitious plans. Over the next five years, they aim to become global leaders in student housing. They are committed to enhancing technology, improving the user experience, and expanding into new regions to reach more students. Partnerships will play a pivotal role in their growth, as they strive to transform the way students find and book housing.

Inspiring the Future

Aspiring minds and budding entrepreneurs can take a page from amber’s journey. Challenges are inevitable, but they are also opportunities for growth. Amber’s story is a testament to believing in one’s vision, adapting when necessary, and staying true to the initial purpose. With passion and resilience, challenges can be turned into stepping stones toward success.

 

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