Elivaas Raises $2.5Mn To Bridge Supply-Demand Gap In Luxury Vacation Home Rentals The round was led by Peak XV's Surge with participation from angels
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Elivaas, a tech-driven villa and luxury apartment management company, today announced $2.5M in seed funding. The round was led by Peak XV's Surge with participation from angels. The new funds will be used to establish a larger market presence across high-footfall cities in India and scale its technology platform.
While the demand for luxury accommodation rentals continues to grow, a majority of vacation homes in India are not formally listed on distribution platforms, signalling a lack of structured supply to address this growing market segment. Owners of such properties also struggle with effectively managing their bookings and pricing their properties, which are often dictated by the distribution channel in which the property is listed. Additionally, handling sales poses a difficulty to homeowners as requests can be generated through a variety of channels, such as travel websites, agents, and social media. Many vacation homeowners also often face the challenge of ensuring that their properties are well-maintained when entrusting them with rental platforms.
Elivaas addresses these issues by adopting a two-pronged approach to help customers on both ends of the equation. The company is responsible for the upkeep and close monitoring of rental properties for homeowners, while running loyalty and referral programs in tandem to incentivise bookings. Through partnerships, cross-promotions and its website, Elivaas also provides a suite of services that can help prospective renters, typically made up of independent travellers for families, to find accommodation best suited to their needs.
"As the travel industry rapidly evolves in India, we are witnessing a growing trend where everyday travellers are joining 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. 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, Elivaas.
Since its inception in January 2023, Elivaas claims to have signed on more than 50 properties across Goa, Udaipur, Delhi NCR, and Kufri, and has maintained more than half occupancy in their rental homes across seasons.
"The MakeMyTrip Homestays and Villas business has grown super fast in the last few quarters . We are super thankful to partners like Elivaas and Alaya Stays. Their laser sharp focus on operations and customer service is evident from the excellent scores that they have consistently received from customers via ratings and reviews, on the MMT platform," said Parikshit Choudhury, Chief Business Officer, MakeMyTrip, the traveltech company which has partnered with Elivaas to expand its customer base.