ELIVAAS: Raising Funds for Luxury Vacation Home Rentals

ELIVAAS, a platform for vacation home rentals, is currently in the process of securing between $10 million and $12 million, according to sources familiar with the situation. This new funding initiative follows a successful $5 million raised just six months ago during its Series A round.

Funding Discussions and Valuation

According to an anonymous source, “ELIVAAS is engaged in advanced discussions with both new and existing investors to secure new funding at a valuation of approximately Rs 500 crore.” These discussions highlight how well ELIVAAS has performed, particularly in terms of revenue growth during the last fiscal year (FY25).

About ELIVAAS

Founded in 2023 by Ritwik Khare and Karan Miglani, ELIVAAS offers an array of luxury villas and high-end apartments available for rent in sought-after locations including Kasol, Goa, Udaipur, Nainital, Shimla, and Rishikesh.

Impressive Growth and Future Plans

The two-year-old company has reportedly achieved more than three times its previous year’s revenue and gross booking value by the close of FY25, as noted by a confidential source. Currently, the details of the funding agreement are still being negotiated, and a new investor is expected to take the lead in the upcoming funding round.

Potential Changes and Investor Insights

It is important to note that the specifics of the agreement may still fluctuate as discussions proceed. Despite enquiries, responses from the co-founder of ELIVAAS were not immediately received, and Peak XV has refrained from commenting on this matter.

Previous Funding Rounds

ELIVAAS has raised a total of $7.5 million up to now, including a $5 million Series A round led by 3one4 Capital and supported by Peak XV. In addition, the company had a $2.5 million seed round, which was spearheaded by Peak XV’s Surge and included contributions from angel investors such as Kunal Shah, Mohit Gupta, Amit Lakhotia, and Naveen Kukreja, among others.

Financial Performance

Although ELIVAAS has yet to officially release its financial numbers for FY25, independent startup data platforms indicate that the firm achieved revenues of Rs 7 crore and experienced a loss of Rs 10.4 crore for the fiscal year ending in March 2024.