Elivaas Nets $2.5 Mn From Peak XV’s Surge, Others

SUMMARY

Elivaas is one of the 13 startups in the ninth cohort of Peak XV’s accelerator and incubation programme, Surge.

Elivaas will deploy the fresh proceeds for market expansion and to scale up its technology stack

Founded in 2023 by Ritwik Khare and Karan Miglani, Elivaas is a tech-driven villa and luxury apartment management platform that allows owners to monetise, monitor, and maintain their vacation homes in India.

Luxury apartment maintenance startup Elivaas has secured seed funding of $2.5 Mn led by Peak XV’s Surge.

The round also saw participation from angel investors including Naveen Kukreja of Paisabazaar, Kunal Shah of CRED, Mohit Gupta of Zomato, Amit Lakhotia of Park+, Ravi Singhvi (Ares Asia), Anant Apurv Kumar (Brij Hotels), Parag Aggarwal of Gobolt and Toranj Mehta of De beers.

Elivaas will deploy the fresh proceeds for market expansion and to scale up its technology stack.

It is one of the 13 startups in Peak XV Surge’s ninth cohort.

“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….,” Khare said.

“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,” he added.

Elivaas allows customers to book stays using its own online booking site, as well as reaching out to the startup’s team through an AI-based chatbot for any booking and service-related matters.

The Gurugram-based startup claims to have 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.

In the hospitality market, Elivaas competes with luxury villa rental startup StayVista, which raised $5 Mn in a strategic funding round led by DSG Consumer Partners in September 2022.

The development comes at a time when the demand for luxury accommodation rentals is experiencing robust growth.

As per a report by Statista Indian vacation rentals market is projected to reach $1.88 Bn in 2023 and is expected to show an annual growth rate (CAGR 2023-2027) of 3.53%, resulting in a projected market volume of $2.16 Bn by 2027.