ELIVAAS Raises $5 Mn To Expand Its Vacation Home Management Platform

Delhi NCR-based hospitality startup ELIVAAS has raised $5 Mn (about INR 41.7 Cr) in its Series A funding round led by 3one4 Capital.

The funding round also saw participation from Peak XV Partners’ accelerator and incubation programme Surge and some angel investors.

ELIVAAS plans to utilise the fresh funds to strengthen its tech stack, expand its market reach and scale operations, the startup said in a statement.

Founded by former MakeMyTrip executives Ritwik Khare and Karan Miglani in 2023, ELIVAAS is a luxury apartment management startup that helps owners monetise, monitor and maintain their vacation rental homes. 

The startup last raised $2.5 Mn in its seed funding round led by Peak XV’s Surge in November last year.

Within just one year of commencing operations, ELIVAAS claims to have onboarded over 140 properties across Goa, Delhi NCR, Rajasthan, Maharashtra, Himachal Pradesh and Uttarakhand.

Commenting on the latest funding, CEO Khare said that ELIVAAS aims to grow its portfolio in the luxury vacation rental market in India and improve 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,” said Miglani.

ELIVAAS runs two separate apps — Homeowner and HK — designed to cater to homeowners and travelers. While Homeowner offers real-time insights into bookings, reviews and property maintenance, HK automates check-in for guests and offers them 3D property tours.

The startup competes with the likes of StayVista, NestAway, SpotnStay, among others, in the vacation rentals segment in the broader hospitality sector.

As per a report, the Indian vacation rental market is projected to grow to $3.1 Bn by 2032 from $2.3 Bn in 2023, clocking a CAGR of 4%.