Elivaas, a luxury apartment and villa management startup, has raised $2.5 million in a seed funding round led by Peak XV’s Surge. The startup plans to use the raised capital to expand its market reach across high-footfall cities in India and scale its technology platform.
Participation from angel investors
The funding round also saw participation from a mix of angel investors, including notable names like Naveen Kukreja of Paisabazaar, Kunal Shah of CRED, and Mohit Gupta of Zomato. Other investors include Amit Lakhotia of Park+, Ravi Singhvi (Ares Asia), Anant Apurv Kumar (Brij Hotels), Parag Aggarwal of Gobolt, and Toranj Mehta of De Beers.
Revolutionizing luxury accommodation
Established in January 2023 by Ritwik Khare and Karan Miglani, Elivaas is a tech-driven villa and luxury apartment management platform allowing owners to monetise, monitor, and maintain their vacation homes in India.
The startup claims to have signed over 50 properties in locations like Goa, Udaipur, Delhi NCR, and Kufri and maintains high occupancy rates.
“As the travel industry rapidly evolves in India, we are witnessing a growing trend where everyday travellers are joining high-net-worth individuals in seeking out luxury accommodation for rental. Elivaas addresses this burgeoning demand by providing customers with a seamless and curated travel and booking experience. With the new funds, we are committed to expanding our presence across India, as well as leveraging technology to improve both the homeowner and customer experience,” said Ritwik Khare, founder, Elivaas.
Addressing market needs
Elivaas operates in a growing market, with the Indian vacation rental sector projected to reach $1.88 billion in 2023. The startup competes with StayVista, which raised over Rs 40 crore (about $5 million) in a Series B funding round in September last year.
However, It differentiates itself by focusing on a seamless and curated travel experience for homeowners and customers, addressing challenges in property management and booking processes.
Elivaas has also partnered with platforms like MakeMyTrip to enhance its customer reach.
“The MakeMyTrip Homestays and Villas business has grown super fast in the last few quarters . We are super thankful to partners like Elivaas and Alaya Stays. Their laser sharp focus on operations and customer service is evident from the excellent scores that they have consistently received from customers via ratings and reviews, on the MMT platform,” said Parikshit Choudhury, Chief Business Officer, MakeMyTrip, the traveltech company which has partnered with Elivaas to expand its customer base.
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