Updated 20-09-2024, 18:13 PM
Luxury apartment management startup Elivaas has successfully secured $2.5 million in seed funding led by Peak XV’s Surge accelerator and incubation programme. This funding round also saw participation from notable angel investors, including Naveen Kukreja of Paisabazaar, Kunal Shah of CRED, Mohit Gupta of Zomato, Amit Lakhotia of Park+, and others.
Elivaas, founded in 2023 by Ritwik Khare and Karan Miglani, is a tech-driven platform designed to help owners monetize, monitor, and maintain their vacation homes across India. The startup aims to deploy the new funds to expand its market presence and scale its technology infrastructure.
“As the travel industry rapidly evolves in India, we are witnessing a growing trend where everyday travelers are joining high-net-worth individuals in seeking luxury accommodations for rental,” said Khare. “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.”
Elivaas offers an online booking site for customers, along with an AI-based chatbot to assist with bookings and service inquiries. Based in Gurugram, the startup has successfully signed on over 50 properties in popular locations such as Goa, Udaipur, Delhi NCR, and Kufri, achieving more than 50% occupancy across seasons.
The startup competes in a burgeoning luxury rental market, alongside players like StayVista, which raised $5 million in a strategic funding round led by DSG Consumer Partners in September 2022.
The demand for luxury accommodation rentals is on the rise, with a report from Statista projecting the Indian vacation rentals market to reach $1.88 billion in 2023. The market is expected to show a compound annual growth rate (CAGR) of 3.53%, resulting in an anticipated volume of $2.16 billion by 2027.
As Elivaas positions itself for growth in this thriving sector, it aims to provide enhanced experiences for both homeowners and travelers, capitalizing on the increasing interest in luxury rentals throughout India.
