Elivaas Raises $10.4M to Expand Luxury Rentals in UAE, Sri Lanka, Bali

Elivaas, a Delhi NCR-based luxury vacation rental startup founded in 2023 by Ritwik Khare and Karan Miglani, has raised $10.4 million in a Series B funding round led by Vertex Ventures, with participation from existing investors including Peak XV Partners’ Surge and 3one4 Capital. The new capital will be used to expand Elivaas's footprint in India and internationally, particularly targeting Southeast Asia, while enhancing its AI-driven technology platform to deliver personalized and efficient hospitality services. Elivaas integrates AI throughout its platform to optimize property management and guest experiences, supporting property owners, travelers, and housekeepers with intelligent tools such as booking flows, maintenance alerts, and guest sentiment analysis. The company currently operates in over 30 Indian cities with about 500 properties and has experienced a four to fivefold revenue growth in FY 2024-25, despite posting a net loss in FY24. Elivaas offers a full-stack luxury hospitality service through its own website and partnerships with travel platforms like MakeMyTrip and Airbnb, aiming to strengthen its brand and compete with major players in the luxury rental sector. This funding follows a $5 million Series A round raised in late 2024 and brings Elivaas’s total capital raised to approximately $18 million.