Elivaas, a hospitality startup, has raised ₹87 crore (approx $10.4 million) in its Series B funding round led by Vertex Ventures Southeast Asia & India.
The round also saw participation from existing investors Peak XV Partners’ Surge and 3one4 Capital.
The fresh funds raised will be used to deepen its market penetration by doubling down on its presence in high-potential leisure and business travel destinations across India, expand its global footprint and strengthen brand visibility in India and international markets.
Elivaas also plans to invest in cutting-edge technology to fuel its next stage of growth, boosting operational performance, transforming the customer journey, and strengthening brand growth in an increasingly competitive market.
Previously, in September 2024, Elivaas raised $5 million in its Series A round led by 3one4 Capital with participation from Peak XV Surge and angel investors. Over the last 2 years, the funding enabled ELIVAAS to enhance its proprietary technology platform, expand its operations, and launch its premium luxury brand, Privé, while continuing to expand both ELIVAAS and Alaya Stays.
Founded in 2023 by Ritwik Khare and Karan Miglani, Elivaas is a a luxury vacation rental platform that manages luxury villas and apartments for short-term rentals. The platform serves both homeowners by monetising and maintaining their properties, and travellers, by providing access to premium vacation accommodations.
The brand currently operates in 30 Indian destinations, with 5X year-on-year growth in revenue in FY 24-25.
Ritwik Khare, Founder and CEO, ELIVAAS, said, “We are thrilled to partner with Vertex Ventures SAE & India as we enter this new phase of growth and equally appreciative of the trust placed in us by our early backers Peak XV Partners’ Surge and 3one4 Capital. This round will enable us to not only grow aggressively in India but also lay the groundwork for international expansion. Our focus remains on leveraging technology to ensure seamless, high-quality experiences at scale while strengthening ELIVAAS as a trusted brand in luxury travel.”
Nikhil Marwaha, Partner, Vertex Ventures Southeast Asia & India, said, “We see a fast-growing opportunity to leverage second homes supply to provide premium travel experiences in India via alternate accommodation. Elivaas is best suited to capture this market with their technology-enabled platform and obsessive commitment to customer experience, which is loved by both homeowners and consumers. We at Vertex Ventures SEA & India are excited to partner with Ritwik and Karan on realizing this massive opportunity.”
