SUMMARY
- Delhi-NCR-based hospitality startup ELIVAAS has bagged $5 million in its Series A funding round, led by 3one4 Capital.
- The round also saw participation from Peak XV Partners’ accelerator and incubation program Surge, and several angel investors.
- ELIVAAS intends to enhance its technological infrastructure, broaden its market presence and operational capabilities with these funds.
ELIVAAS, a Delhi-NCR-based hospitality startup, has secured $5 million (approximately Rs 41.7 crore) in its Series A funding round, led by 3one4 Capital. This investment round also attracted participation from Peak XV Partners’ accelerator and incubation program Surge, along with several angel investors.
With the raised sum, ELIVAAS intends to enhance its technological infrastructure, broaden its market presence, and expand its operational capabilities, as outlined in a statement.
Established in 2023 by former executives from MakeMyTrip, Ritwik Khare and Karan Miglani, ELIVAAS specializes in luxury apartment management for vacation rental properties. The company assists property owners in monetizing, monitoring, and maintaining their vacation homes.
In its previous venture, ELIVAAS raised $2.5 million in its seed funding round, also led by Peak XV’s Surge, in November of the previous year.
Within the span of just one year since its inception, ELIVAAS has managed to secure over 140 properties across various locations including Goa, Delhi NCR, Rajasthan, Maharashtra, Himachal Pradesh, and Uttarakhand.
In response to the recent funding announcement, CEO Ritwik Khare expressed ELIVAAS’s ambition to expand its presence in the luxury vacation rental market within India and to enhance the overall customer experience.
“This funding will fuel our efforts to scale operations, refine our platform, along with other technological investments across customer offerings, merchandising, homeowner app, and internal operations app, enabling us to deliver exceptional experiences for both homeowners and guests,” stated Karan Miglani, co-founder and CEO of ELIVAAS.
ELIVAAS operates two distinct applications — Homeowner and HK — each designed to cater to the needs of homeowners and travelers. Homeowner provides real-time insights into bookings, reviews, and property maintenance, while HK automates the check-in process for guests and offers them immersive 3D property tours.
In the vacation rental market within the broader hospitality sector, ELIVAAS competes against notable players such as StayVista, NestAway, SpotnStay, among others.
According to a report, the vacation rental market in India is set to achieve a significant growth, projected to reach $3.1 billion by 2032, an increase from $2.3 billion in 2023, with an expected compound annual growth rate of 4%.
