:
India: ELIVAAS, an Indian tech-driven villa and luxury apartment management company, has raised $5 million in Series A funding.
The round was led by 3one4 Capital, with participation from Peak XV’s Surge and other angel investors.
ELIVAAS plans to use the investment to enhance its proprietary technology platform, expand into new markets, optimise its operations and elevate the guest and homeowner experience.
In a bid to revolutionise the luxury vacation rental landscape, ELIVAAS [focusing on luxury villas] and sister brand Alaya Stays [specialising in premium apartments and villas] are set up to cater to high-net-worth individuals [HNWIs] – 89 per cent of which in India are planning to increase their travel spending this year, according to research by Marriott International.
In the space of one year, the two brands, which belong to emerging hospitality group Ishanee Villas Tech Private Limited, have expanded to offering more than 140 properties in prime destinations across India, including Goa, Delhi, Rajasthan, Maharashtra, Himachal Pradesh and Uttarakhand.
Last November, ELIVAAS raised $2.5 million in a seed funding round led by Surge, a scale-up programme for early-stage startups managed by Peak XV Partners which has also participated in the fresh Series A round.
Ritwik Khare, founder and CEO of ELIVAAS, said: “The luxury vacation rental market in India is primed for disruption, and we’re committed to leading that charge. Backed by 3one4 Capital, Peak XV’s Surge and strong angels, we aim to drive the future of this space with a vision rooted in quality, technology, and unparalleled guest experiences.
“Our aim is clear: to grow our portfolio while continuously exceeding expectations, setting the benchmark for the luxury vacation rental experience,” added Khare.
Karan Miglani, co-founder and chief product officer of ELIVAAS, said: “Partnering with 3one4 Capital, Peak XV’s Surge and our esteemed angels marks a significant milestone for us. 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.
“We aim to penetrate India’s leisure destinations and establish ourselves deeper, as the most trustworthy and recognisable brand in the luxury vacation rental space,” added Migliani.
Nitya Agarwal, VP, Investments, 3one4 Capital, said: “As India gears up to become one of the biggest domestic tourism markets, there is a gap in the market to cater to this ever-growing demand. We are excited to partner with ELIVAAS as they set out to revolutionise the future of vacation rentals in the country.
“With a razor sharp focus on experiential living, we feel ELIVAAS is poised to emerge as a winner in this category,” added Agarwal.
