Luxury vacation rental platform ELIVAAS has raised Rs 87 crore (approximately $10 million) in Series B funding led by Vertex Ventures Southeast Asia & India, with participation from existing investors Peak XV Partners’ Surge and 3one4 Capital.
Entrackr had exclusively reported the development in April this year.
In April 2024, the company raised $5 million in Series A funding led by 3one4 Capital, with participation from Peak XV Partners’ Surge and angel investors.
The fresh proceeds will be used to expand its presence in India, prepare for entry into global markets, and invest in technology to scale operations.
Sources indicate the company may have crossed Rs 500 crore in valuation.
Founded in 2023 by Ritwik Khare and Karan Miglani, ELIVAAS manages luxury villas and apartments for short-term rentals. The platform serves both homeowners, by monetising and maintaining their properties, and travellers, by providing access to premium vacation accommodations.
The company currently operates in 30 destinations across India and reported five-fold year-on-year revenue growth in FY25.
While ELIVAAS has yet to disclose its FY25 numbers, the company recorded a revenue of Rs 7 crore and a loss of Rs 10.4 crore for the fiscal year ended March 2024, according to startup data intelligence platform TheKredible.
Vertex Ventures Southeast Asia & India is an early-stage venture capital firm that partners with startups across Southeast Asia and India. It has invested in companies including Grab, FirstCry, Nium, Licious, Kuku FM, and PatSnap, supporting their growth across multiple sectors.
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