National, 20th September 2024: ELIVAAS, a tech-driven luxury villas and apartment management startup has raised $5 million in Series-A round led by 3one4 Capital, with participation from Peak XV’s Surge and other angel investors. The raised funds will be directed towards enhancing ELIVAAS’s proprietary technology platform, expanding market presence, optimising operations, and elevating the overall experience for homeowners and guests. Founded by seasoned veterans Ritwik Khare (formerly in leadership role at LEAD School, MakeMyTrip, CITIBANK) and Karan Miglani (formerly in leadership role at TripAdvisor, Expedia & MakeMyTrip), the startup aims to revolutionise vacation home rentals.
With 89% of high-net-worth individuals (HNWIs) in India planning to increase their travel spending, ELIVAAS and Alaya Stays lead the way in offering unparalleled luxury hospitality through its collection of private villas across the country. As the flagship brands of a growing hospitality group (Ishanee Villas Tech Pvt Ltd), ELIVAAS and Alaya Stays have quickly expanded to over 140 properties in prime destinations like Goa, Delhi NCR, Rajasthan, Maharashtra, Himachal Pradesh, and Uttarakhand, all within just one year. While ELIVAAS focuses on luxury villas, its sister brand, Alaya Stays, caters to premium apartments and villas.
India’s luxury vacation rental market is still in its nascent stages, with ample opportunities to enhance service consistency and quality. ELIVAAS is a unique blend of 5-star hospitality and cutting-edge technology, designed to serve homeowners and customers seamlessly. The proprietary Homeowner app offers real-time insights into bookings, reviews, and property maintenance, while the HK app automates check-in SOPs and simplifies property management. For guests, the platform provides an intuitive interface with advanced features like immersive 3D property tours, AI-driven chatbots, and hassle-free payment options, making it effortless to explore and book their ideal getaway.
Ritwik Khare, Founder & 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.”
Karan Miglani, Co-Founder of ELIVAAS, added, “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, & 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.”
Nitya Agarwal, VP, Investments, 3one4 Capital shared, “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.”
The startup ensures consistency across its properties by adhering to a 50+ points checklist and detailed SOPs. ELIVAAS ensures best-in-class services including 5-star hospitality, advanced housekeeping management, eco-friendly and sustainability practices, with personalised guest experiences.
