12-08-2025
Hospitality startup Elivaas raises $10.4 million in funding round led by Vertex Ventures
ETtech (L-R), Karan Miglani and Ritwik Khara, cofounders, Elivaas Elivaas, a luxury vacation rental company, has raised about $10.4 million (Rs 87 crore) in a funding round led by Vertex Ventures Southeast Asia and India. The round also saw participation from existing investors, Peak XV Partners' accelerator programme for early-stage startups Surge, and venture firm 3one4 Capital.
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 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
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