With a gross booking value of $600 million by 2022, AmberStudent, the top global platform for student housing, will have grown its workforce and operations by 1000%.
According to the Ministry of External Affairs, India contributed to the world’s most significant portion of international students, with nearly 1.3 million in numbers across 79 countries in 2022. It’s worth noting that the UK and the US are popular destinations for international students, with 600,000 and 948,000 students, respectively, choosing to pursue higher education in these countries.
Amber sets sights on capturing newer territories in 2023
The exceptional quality of education provided by universities in these countries is a significant contributing factor to their popularity among international students. For instance, the UK boasts some of the world’s top universities, with 9 institutions ranking within the top 50 of the 2021 QS World University Rankings. In addition, the UK has a long history of providing high-quality education, with many of its universities dating back centuries.
The 2020/2021 statistics from the Higher Education Statistics Agency show a significant increase in the number of international students studying in the UK, with 605,130 students currently pursuing their degrees. This increase in student enrollment has led to a higher demand for student housing as students seek affordable and convenient accommodation options. Despite the challenges posed by the COVID-19 pandemic, a majority of international students, over 70%, still opt to reside in purpose-built student accommodations.
As a result, student housing developers and providers are planning to capitalize on the growing opportunities in the student accommodation market. One such emerging player in the global market right now is AmberStudent.
AmberStudent is a long-term accommodation booking platform for students, founded by former IIT Kharagpur batchmates Saurabh Goel and Madhur Gujar six years ago. This year, AmberStudent took leaps and bounds.
They kickstarted the year by becoming one of the ‘Asia-Pacific High-Growth Companies of 2022’, as per FT Rankings. They followed it by diversifying their product offerings with amber+ and expanding their reach in existing territories like the UK.
According to the latest reports, they are also one of the fastest growing companies in the APAC area, constantly expanding at the rate of 4X YOY (in terms of revenue) over the past three years and reaching a gargantuan size of $600M in annual gross bookings value. According to the statements, their operational revenue in 2022 would be $15M, with a profit margin of 40% and a profit after tax of $6 million.
Madhur, Co-founder and Chief Business Officer, described amber’s interesting beginning, “It’s incredible that what started as a friendly gesture to help batchmates find accommodation abroad, has now helped 80M students find and book accommodations worldwide. We are grateful for the support and look forward to a profitable year ahead.“
Amber anticipates tremendous growth in the upcoming years, expanding into new territories with an all-rounded product suite that encompasses several important aspects of a student’s study abroad journey.
Amber is a leading global student housing platform, providing affordable housing options to students in more than 100 cities across the UK, US, Australia, and Ireland, with more than 1 MM beds on the platform. The company was launched in 2016 in Pune, Maharashtra, to offer cross-border students an easy house-hunting experience without the hassle of negotiations, credit scores, non-standardised paperwork, and broken payment processes. As a one-click platform, the company provides the comfort of secure online search, and 24/7 free and personalized customer service in locating the ideal student accommodation.