With the shift in travel preferences, there has been an exponential rise in group, family, or simply experiential travel. A common factor that binds these is the need for villas, vacation homes, and homestays; these accommodations are more in demand than hotels due to the convenience and comfort of a second home they provide. Looking to boost the homestay space; Elivaas, a tech-driven villa and luxury apartment management company, has raised $2.5 million in a seed round led by Surge; Peak XV Partners’ scale-up programme for early-stage startups.
The round also saw participation from notable angel investors like Naveen Kukreja (Paisabazaar), Kunal Shah (CRED), Mohit Gupta (Zomato), Amit Lakhotia (Park+), Ravi Singhvi (Ares Asia), Anant Apurv Kumar (Brij Hotels), Parag Aggarwal (Gobolt), and Toranj Mehta (De Beers).
The funding is part of Surge’s ninth cohort; a scale-up programme looking to uplift 13 startups. The cohort includes seven startups from India and four from Southeast Asia.
“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. 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,” relayed co-founder Ritwik Khare.
The startup aims to delegate the fresh funds towards establishing a larger market presence across the top-tier cities in India. Moreover, it plans to scale up its technology platform to improve the customer experience.
Founded by Ritwik Khare and Karan Miglani; Elivaas specializes in helping property owners maximize the potential of their vacation homes through comprehensive management services. It assists the users through monetizing, monitoring, and maintaining their vacation properties.
The startup, based in Gurugram, operates through an online booking website. This allows customers to book stays and features an AI-based chatbot. Furthermore, the company is developing an app for housekeeping and operations to enhance its user experience. According to the founder, Elivaas has a big opportunity to dominate the homestay space, as homeowners and travellers have not gotten this conviction and trust before. Most of the focus still remains on the hotel space instead.
Since its inception in January 2023, Elivaas has signed on more than 50 properties in locations such as Goa, Udaipur, Delhi NCR, and Kufri; it has maintained an occupancy rate of over 50% in their rental homes. It aims to expand beyond India into neighbouring countries like the United Arab Emirates, Thailand, Bali, Indonesia, Malaysia, and the Philippines.
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