Hospitality startup Elivaas raises $10.4 million in funding round led by Vertex Ventures
Elivaas founder and chief executive Ritwik Khare told ET that the company will use the funds to further penetrate the Indian market, expand its presence globally, and enhance its brand visibility. 'We are currently present in about 510 properties across the country, spread across 30 locations in eight states. We cover North India, West India, Goa, and South India. We are not yet in the east or northeast, but expanding into these regions is part of the company's plans for next year,' said Khare.Founded in 2023 by Khare and Karan Miglani, Gurugram-based Elivaas operates a management platform for villas and luxury apartments, enabling homeowners to monetise, oversee, and maintain their properties. Targeted mainly at second-home owners and vacation rental travellers, the company says it has served around 150,000 guests to date. 'Goa continues to be our number one revenue generator, but over the last 18 months, we have significantly expanded our presence beyond Goa to Himachal Pradesh, Delhi-NCR, and Uttarakhand. Maharashtra and Kerala are now emerging as major growth areas for us as well,' he said. According to Khare, it plans to expand to key destinations such as the UAE, Sri Lanka, Bangkok, and Bali, followed by other parts of Southeast Asia. The company operates with two primary segments: personal and business use cases. Personal use accounts for roughly 65-70% of the business, while the newer business use segment currently makes up around 30%.'The sheer volume of real estate being constructed in leisure cities indicates that this market will be worth at least $20 billion by 2030-2032, according to our estimates,' Khare said. The company also plans to invest in technology to drive its next phase of growth and enhance operational efficiency.'For us, technology is at the centre of everything we do. It powers every part of our business—whether it's housekeeping, caretaking, homeowner interactions, or guest interactions and experiences,' he added.
It raised $5 million in September last year in a funding round led by 3one4 Capital. It has raised a total of about $18 million to date. Commenting on the investment, Nikhil Marwaha, partner, Vertex Ventures Southeast Asia and India, 'We see a fast-growing opportunity to leverage the supply of second homes to provide premium travel experiences in India via alternate accommodation.' Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As 50% US tariff looms, 6 key steps that can safeguard Indian economy
As big fat Indian wedding slims to budget, Manyavar loses lustre
Why are mid-cap stocks fizzling out? It's not just about Trump tariffs.
The airport lounge war has begun — and DreamFolks is losing
Stock Radar: UNO Minda eyeing fresh 52-week high in next few weeks; check target and stop loss for long positions
Buy, Sell or Hold: Antique recommends buy on Siemens; Avendus upgrades SBI to Buy post June quarter results
Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 25%
Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
18 minutes ago
- India.com
Is It Worth Bearing Heavy Tariffs For Cheaper Russian Oil; Has India Made A Dangerous Bargain?
New Delhi: Nobel Prize-winning economist Abhijit Banerjee has urged India to reflect on the cost of cheaper Russian oil. He questioned whether paying high U.S. tariffs is worth the savings. His comments came days after U.S. President Donald Trump announced a 25% extra tariff on Indian goods. The action targets India's continued large-scale purchases of discounted Russian crude. With the imposition of new tariff, Indian products entering the U.S. market will now face a total duty of 50%. This marks one of the highest rates imposed by Trump on any country. The additional tariff takes effect on August 27. The long-discussed India-US trade deal remains stalled. Washington seeks greater access to India's farm and dairy sectors, while New Delhi has held back on concessions. The impact could be severe. About $27 billion worth of Indian exports without special trade exemptions may lose competitiveness in the United States. Speaking to news agency PTI on the sidelines of an event at BML Munjal University, Banerjee said the government should weigh options carefully. He suggested exploring whether the United States would remove tariffs if India halted Russian oil imports. India remains the largest global buyer of Russian crude. In July, refiners purchased 1.6 million barrels per day. For August and September, no new orders have been placed. Black Sea oil now offers a discount of only about $2 per barrel. In 2024-25, India imported 88 million tonnes of Russian oil. This formed a large share of the 245 million tonnes of total crude imports. Oil contracts for August and September were finalised before Trump's tariff announcement on August 7. Banerjee emphasised that at a 25% tariff, some Indian exports had already lost their price advantage. Raising it to 50% may not change much for those products. He added that policy circles are already discussing a cut in Russian crude purchases. On the economy, he described the current year's outlook as weaker than expected. He cited low private investment and pressure on the middle class. He pointed to hiring freezes in major firms such as the Tata Consultancy Service (TCS) and stagnant wages in the information technology (IT) sector. These issues, he said, remain unresolved. India's seafood sector is already feeling the strain. The Seafood Exporters Association of India (SEAI) has urged the commerce and finance ministries for urgent relief. It says nearly $2 billion in shrimp exports face serious obstacles in the U.S. market due to Trump's tariff. The SEAI seeks a 30% increase in working capital through soft loans, with interest subsidies and a 240-day moratorium on loans for pre- and post-packing operations. SEAI Secretary-General K.N. Raghavan told PTI the shrimp industry is under heavy stress and needs immediate government intervention.
Deccan Herald
18 minutes ago
- Deccan Herald
PixxelSpace-led consortium to build first Indian private earth observation satellite constellation
The consortium led by PixxelSpace will spend Rs 1,200 crore to build 12 satellites in the next five years, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) said.
Economic Times
18 minutes ago
- Economic Times
Tariffs to make exporting to US unviable for India Inc: Crisil Ratings
Representative Image Imposition of the additional 25 per cent tariffs on Indian goods because of the country's purchase of Russian oil will make it "unviable" for India Inc to export to the US, a report said on Tuesday. In a credit alert, domestic rating agency Crisil said earnings of companies in sectors such as diamond polishing, shrimp, home textiles, and carpets are at the risk of getting impacted. It also said all eyes will now be on the bilateral trade agreement and what both countries achieve as a part of that. "Additional 25 per cent tariff to make exports to US unviable for India Inc," the rating agency said, adding that other sectors, including ready-made garments (RMG), chemicals, agrochemicals, capital goods, and solar panel manufacturing, which have sizable trade exposure to the US, also stand getting impacted. The extent of impact will vary depending on exposure, ability to pass on incremental costs to customers, and relative tariff disadvantage versus competing nations, it added. A potential second-order impact, including a slowdown in US demand and disparate tariffs across nations that could alter trade dynamics globally, also warrants close monitoring, along with any bilateral treaty between India and the US, it said. The credit impact on the sectors can be mitigated courtesy strong corporate balance sheets, potential bilateral trade agreements with other countries and the possibility of support from the Indian government. In FY25, the US accounted for a fifth of India's merchandise exports and 2 per cent of the overall GDP in the country, it said. Diamond polishing, shrimp and home textiles may see sales volume decline due to high reliance on US trade and a rise in costs due to partial absorption of tariffs, ultimately affecting their earnings, the agency said. The US accounts for a fourth of diamond polishers' revenues, it said, adding that tariffs aggravate it because the demand for natural diamonds was already tepid. In the case of shrimp exporters, the US accounts for nearly half of revenue and India is now the highest taxed country exporting the commodity to the US, it said, adding that it will be a challenge to compete with Ecuador enjoying lower tariffs. All the other sectors have a high reliance on the US for its topline and will be facing varying impacts, the agency said, stating that it will continue to closely monitor the situation and evaluate the impact on the credit risk profiles of its rated companies.
