Elivaas raises US$2.5M in seed funding to bridge supply-demand gap for luxury vacation home rentals in India

Elivaas is a tech-driven luxury villa and apartment management company that allows owners to monetise, monitor, and maintain their vacation homes in India,

Since its inception in January 2023, Elivaas has signed on more than 50 properties across four cities in India and has provided extraordinary vacation experiences for over thousands of guests

The fresh round of funds will be channelled into establishing a larger market presence across high-footfall cities in India and scaling its technology platform

Founders of Elivaas, Ritwik Khare and Karan Miglani (left to right)

GURGAON, 27 November 2023 – Elivaas, a tech-driven villa and luxury apartment management company, today announced US$2.5M in seed funding. The round was led by Peak XV’s Surge with participation from angels*, and the new funds will be used to establish a larger market presence across high-footfall cities in India and scaling its technology platform

High-end travel has seen a strong resurgence post-pandemic, with the global luxury hotel market expected to be worth $293.61 billion by 2030. Similarly, India is witnessing a surge in demand for luxury villas in India, with the vacation rentals market worth $1.88 billion in 2023 and a growth rate of over 30%.

While the demand for luxury accommodation rentals continues to grow, a majority of vacation homes in India are not formally listed on distribution platforms, signalling a lack of structured supply to address this growing market segment. Owners of such properties also struggle with effectively managing their bookings and pricing their properties, which are often dictated by the distribution channel in which the property is listed.

Additionally, handling sales poses a difficulty to homeowners as requests can be generated through a variety of channels, such as travel websites, agents, and social media. Many vacation homeowners also often face the challenge of ensuring that their properties are well-maintained when entrusting them with rental platforms.

Elivaas addresses these issues by adopting a two-pronged approach to help customers on both ends of the equation. The company is responsible for the upkeep and close monitoring of rental properties for homeowners, while running loyalty and referral programs in tandem to incentivise bookings. Through partnerships, cross-promotions and its website, Elivaas also provides a suite of services that can help prospective renters, typically made up of independent travellers for families, to find accommodation best suited to their needs.

“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 of Elivaas.

Since its inception in January 2023, Elivaas has signed on more than 50 properties across Goa, Udaipur, Delhi NCR, and Kufri, and has maintained more than half occupancy in their rental homes across seasons.

Elivaas’ commitment to scaling and improving its services for both homeowners and customers is driven by its technology platforms. Homeowners can monitor their property and receive reports on revenue and occupancy at any given time through the Elivaas homeowner app, giving them peace of mind when entrusting their properties with the company.

Customers can also easily discover and book stays with Elivaas’ online booking site, as well as reach out to the Elivaas team through AI based chatbot for any booking and service-related matters. In addition, the team is developing a housekeeping and operations app designed to elevate the overall guest experience during their stays at Elivaas-listed villas.

“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, India’s leading online travel agent that has partnered with Elivaas to expand their customer base.

“Having a vacation property is certainly a delight, but it comes with its set of challenges, particularly when balancing running your own business and family duties. On a friend’s recommendation, we entrusted our home to ELIVAAS. So far, the journey has been very positive. Their team stands out in ensuring our property’s upkeep and handling reservations, and there’s been a clear uptick in bookings after partnering with them, reflecting their stellar marketing strategies,” said Siddharth Mahanot, homeowner at Elivaas.

Angels: Naveen Kukreja, CEO & Co-Founder of Paisabazaar; Kunal Shah, Founder of CRED; Mohit Gupta, Co-Founder of Zomato; Amit Lakhotia, Founder of Park+; Ravi Singhvi, Managing Director of Ares Asia; Anant Apurv Kumar, Founder of Brij Hotels; Parag Aggarwal, Founder and CEO of Gobolt; Toranj Mehta, Marketing Director of De beers

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