Elivaas, a tech-driven luxury villas and apartment management startup has raised USD 5 million in a Series-A round led by 3one4 Capital, with participation from other angel investors.
Last November, Elivaas raised $2.5 million in a seed funding round led by Surge, a scale-up programme for early-stage startups managed by Peak XV Partners which has also participated in the fresh Series A round.
The raised funds will be used to enhance ELIVAAS’s proprietary technology platform, expanding market presence, optimising operations, and elevating the overall experience for homeowners and guests.
Ritwik Khare, Founder and CEO of ELIVAAS, said, “The luxury vacation rental market in India is primed for disruption, and we’re committed to leading that charge. Backed by 3one4 Capital, Peak XV’s Surge, and strong angels, we aim to drive the future of this space with a vision rooted in quality, technology, and unparalleled guest experiences. Our aim is clear: to grow our portfolio while continuously exceeding expectations, setting the benchmark for the luxury vacation rental experience.”
Karan Miglani, Co-Founder of ELIVAAS, added, “Partnering with 3one4 Capital, Peak XV’s Surge, and our esteemed angels marks a significant milestone for us. This funding will fuel our efforts to scale operations, refine our platform, along with other technological investments across customer offerings, merchandising, Homeowner app, & internal operations app, enabling us to deliver exceptional experiences for both homeowners and guests. We aim to penetrate India’s leisure destinations and establish ourselves deeper, as the most trustworthy and recognisable brand in the luxury vacation rental space.”
Nitya Agarwal, VP, Investments, 3one4 Capital shared, “As India gears up to become one of the biggest domestic tourism markets, there is a gap in the market to cater to this ever-growing demand. We are excited to partner with Elivaas as they set out to revolutionise the future of vacation rentals in the country. With a razor-sharp focus on experiential living, we feel Elivaas is poised to emerge as a winner in this category.”
Founded by Ritwik Khare (formerly in a leadership role at LEAD School, MakeMyTrip, CITIBANK) and Karan Miglani (formerly in a leadership role at TripAdvisor, Expedia & MakeMyTrip), the startup aims to revolutionise vacation home rentals.
With 89% of high-net-worth individuals (HNWIs) in India planning to increase their travel spending, ELIVAAS and Alaya Stays lead the way in offering unparalleled luxury hospitality through its collection of private villas across the country.
ELIVAAS and Alaya Stays have expanded to over 140 properties in prime destinations like Goa, Delhi NCR, Rajasthan, Maharashtra, Himachal Pradesh, and Uttarakhand, all within just one year. While ELIVAAS focuses on luxury villas, its sister brand, Alaya Stays, caters to premium apartments and villas.
