Indian Vacation Rental Startup Elivaas CEO on Its $5 Million Funding and Expansion Plans

23.09.2024 - 07:57 / skift.com / Peden Doma Bhutia

Elivaas, a tech-driven luxury villa and apartment management Indian startup, has secured $5 million in a funding round led by Bengaluru-based 3one4 Capital, with participation from Peak XV’s Surge and other angel investors. 

Founded by industry veterans — Ritwik Khare, who comes from MakeMyTrip, and Karan Miglani, the former global product head of Tripadvisor — Elivaas is rapidly expanding in India where the luxury vacation rental market is still in an early stage. It raised $2.5 million in November 2023.

While Elivaas focuses on luxury villas, its sister brand, Alaya Stays, caters to premium apartments.

Elivaas has achieved remarkable growth in a short span of 14 months, expanding to over 140 properties across major leisure destinations such as Goa, Delhi NCR, Himachal Pradesh, Maharashtra, and Rajasthan. 

The new capital could speed up the growth, Khare, who is also the CEO of the company, told Skift. 

“Raising finance not only brings capital but also unlocks access to essential resources, strategic expertise, and the ability to scale at a pace we couldn’t achieve on our own,” he said. “The goal is to be present in every major leisure destination in India by 2025.”

The startup also has its sights set on international markets like Bali, Dubai, and Bangkok, targeting regions within a five-hour flight from India.

Khare emphasized that while there is a natural focus on Indian travelers, the company’s vision extends globally. “We’re building a company outside India, not just for the Indian audience. But given that India is the fastest-growing leisure market, there’s a clear advantage.”

“Very soon we will be launching in major leisure destinations of Maharashtra, like Alibaug. We plan to enter south India by the end of the fiscal year, in markets like Coorg and Dubai by 2026,” he said.

On the choice of Dubai as the first international market, Khare pointed out that Indians have bought INR 8 billion ($96 million) worth of real estate in the last three years in the emirate. “Dubai is a well-established, mature market, which is an advantage as well as a challenge. We are very confident that with our understanding of the market and our offering for the Indian traveler and the global traveler, will be able to crack that place.”

With the rise of weekend getaways and road trips, Elivaas is capitalizing on shifting consumer behavior.

The company’s properties offer private, spacious villas with amenities like private swimming pools and concierge services, providing an upscale alternative to traditional hotels. “We’ve noticed that post-Covid, group travel has surged, across all demographics of travelers,” said Khare. “Also, the Indian traveler now is taking more breaks. And while doing that they are seeking more