Gurugram-based Elivaas, a luxury property management startup, has raised $2.5 million in seed funding to enhance its technology platform further and expand its market presence in high-demand cities across India. The funding led by Peak XV Partners’ Surge will help propel the company’s growth, allowing it to solidify its market presence and enhance its cutting-edge technology platform.
“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,” said Ritwik Khare, founder of Elivaas.
As the demand for upscale vacation home rentals continues to surge, Elivaas emerges as a key player addressing critical gaps in the market. Despite the growing appetite for luxury accommodation, many vacation homes in India remain absent from formal distribution platforms, signaling an unmet need in the market.
“As the travel industry rapidly evolves in India, we are witnessing a growing trend where everyday travelers join high-net-worth individuals in seeking out luxury accommodation for rental. Elivaas addresses this burgeoning demand by providing customers with a seamless and curated travel and booking experience,” added Ritwik Khare.
Elivaas aims to bridge this gap by providing a comprehensive solution for property owners, focusing on effective monetization, monitoring, and maintenance.
Elivaas adopts a unique two-pronged approach, catering to the needs of property owners and prospective renters. For property owners, the company is responsible for meticulous property upkeep and monitoring, coupled with enticing loyalty and referral programs to stimulate bookings.
On the other end, Elivaas offers prospective renters a suite of services through partnerships, cross-promotions, and its user-friendly website, facilitating the search for ideal accommodations tailored to individual preferences.
Elivaas focuses on individual property management and leverages strategic partnerships to expand its reach. The company ensures a seamless experience for independent travelers and families seeking tailored accommodations through collaborations, cross-promotions, and a user-centric website.
“The MakeMyTrip Homestays and Villas business has grown fast in the last few quarters. We are thankful to partners like Elivaas and Alaya Stays. Their laser-sharp focus on operations and customer service is excellent based on positive reviews,” said Parikshit Choudhury, Chief Business Officer, MakeMyTrip, the traveltech company that partnered with Elivaas to expand its customer base.
Since its inception in January 2023, Elivaas has rapidly expanded its portfolio, boasting over 50 properties in sought-after locations such as Goa, Udaipur, Delhi NCR, and Kufri. Impressively, the startup maintains a consistent occupancy rate of more than half across its rental homes, underscoring the operational success of its business model.
Elivaas faces competition from players like StayVista in a market marked by innovation, which secured a substantial INR 40 crore ($5 million) funding led by DSG Consumer Partners last year. The fresh capital positions Elivaas strategically to fortify its competitive edge and help it emerge as a frontrunner in the luxury property management sector.
Elivaas’ successful seed funding round, led by Peak XV Partners’ Surge, marks a pivotal moment for the tech-driven luxury property management company. With a commitment to delivering a 7-star experience for partners and guests, Elivaas plans for significant expansion, solidifying its presence in the flourishing market of upscale vacation home rentals.
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