Last updated on September 23, 2024
Elivaas, a tech-driven startup specializing in luxury villa and apartment management, has successfully raised USD 5 million (INR 42 crore) in a Series A funding round led by 3one4 Capital. Elivaas funding comes as the company seeks to capitalize on the burgeoning demand for luxury vacation rentals in India, a market that has shown significant growth potential. Founded in early 2023 by Ritwik Khare and Karan Miglani, Elivaas offers a comprehensive management platform for homeowners of luxury properties.
The startup assists in monetizing, monitoring, and maintaining villas and upscale apartments, providing an integrated service that includes an online booking site and an AI-based chatbot for customer service. The company has rapidly expanded its portfolio to over 140 properties across popular destinations such as Goa, Delhi NCR, Rajasthan, Maharashtra, Himachal Pradesh, and Uttarakhand.
Elivaas Funding Round: Strategic Use of Investment
The newly acquired funds will be directed towards scaling Elivaas’s proprietary technology platform and expanding its market presence across major Indian cities. Khare stated, “The luxury vacation rental market in India is primed for disruption, and we’re committed to leading that charge.” The funding will also support the development of operational technologies aimed at enhancing user experience and streamlining property management processes.
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Leadership and Vision
Elivaas is co-founded by Ritwik Khare, who previously served as COO at MakeMyTrip, and Karan Miglani, who has extensive experience with Tripadvisor and VRBO. Their leadership is pivotal as they navigate the competitive landscape of the hospitality sector. The founders have noted a significant shift in travel preferences among Indians towards group and family travel, which has driven demand for homestays and luxury villas at a rate much faster than traditional hotels.
Future Aspirations: IPO Plans
Looking ahead, Elivaas aims to further establish itself as a leader in the luxury vacation rental space. While specific timelines for an Initial Public Offering (IPO) have not been publicly discussed, industry analysts suggest that with continued growth and market expansion, an IPO could be considered within the next few years. In summary, the latest Elivaas funding marks a significant step forward in its mission to reshape the luxury vacation rental market in India. With strong backing from investors like 3one4 Capital and a robust growth strategy, the company is well-positioned to meet the evolving needs of travelers seeking premium accommodations.
