3one4 Capital Doubles Down on ELIVAAS as it Raises INR 87 Crore ($10.4M) Series B
ELIVAAS, India’s leading luxury vacation rental platform, has raised INR 87 Crores (USD 10.4 Million) in its Series B round led by Vertex Ventures.
3one4 Capital, having led ELIVAAS’ Series A in 2024, has once again backed the company, alongside Peak XV Partners’ Surge.
From Series A to Series B: A Year of Acceleration
When we partnered with co-founders Ritwik Khare and Karan Miglani in 2024, ELIVAAS had already begun to differentiate itself in a fragmented and underserved market. The company operates a dual-brand portfolio to serve distinct segments of the luxury market: ELIVAAS specialises in managing luxury villas and farmhouses, while its sister brand, Alaya Stays, caters to travellers seeking premium apartments.
In just over a year since Series A, the company has:
- Expanded its footprint to 30 high-potential leisure and business travel destinations across India.
- Achieved 5X year-on-year revenue growth in FY 2024–25.
- Accomplished ~2x the standard margins of legacy models, with significant contributions from value-added experiential services
- Successfully launched Privé, its ultra-premium luxury brand, while continuing to scale ELIVAAS and Alaya Stays.
- Enhanced its proprietary technology stack, strengthening both the homeowner and traveller experience.
This execution has been underpinned by a disciplined approach to service quality, tech-led operational efficiency, and a consistent brand promise, elements we believe are critical to building category leadership in this segment.
The Market: A Clear and Expanding Opportunity
India’s domestic travel market has been experiencing structural tailwinds for several years:
- Rising disposable incomes and post-pandemic travel behaviour have shifted consumer preferences towards experiential, high-value travel.
- The second home economy is growing rapidly, driven by affluent buyers investing in properties in destinations like Goa, Alibaug, Kasauli, and Coorg.
- While the overall holiday home industry in India is currently valued at around $2 billion, projections suggest it could reach $10 billion in the near term.
However, the market remains highly fragmented with inconsistent service quality and limited tech integration. This gap creates space for a trusted, tech-enabled platform to emerge as the go-to brand for both homeowners and travellers seeking luxury and consistency.
ELIVAAS is positioned at the intersection of these trends, a full-stack platform that not only offers travellers curated luxury stays but also gives homeowners an integrated solution to monetise, monitor, and maintain their properties.
What sets ELIVAAS apart is its comprehensive approach to solving pain points for both travelers and property owners. For travelers, ELIVAAS provides a curated selection of high-end properties, ensuring a consistent and luxurious experience. This addresses the lack of a trusted brand for luxury villas in India, filling a crucial gap in the market.
Why We Backed ELIVAAS Early, and Continue to Double Down
At 3one4 Capital, our investment lens for consumer brands focuses on category creation, operational scalability, and capital efficiency. In ELIVAAS, we saw three distinct advantages early on:
- Founders with deep domain expertise – Ritwik and Karan bring decades of combined experience in hospitality and travel, with a clear understanding of both operational complexity and guest expectations.
- A differentiated technology layer – From its proprietary homeowner app to tech-enabled monitoring and omnichannel demand generation, ELIVAAS’ platform solves pain points on both sides of the marketplace.
- Brand consistency in a fragmented market – By ensuring a uniform, high-quality guest experience, ELIVAAS addresses one of the biggest friction points in the luxury rental category.
Our thesis was simple: a tech-first approach to an operationally intensive sector can unlock new levels of efficiency, customer trust, and scale; the three pillars of a sustainable category leader. The company’s performance between Series A and Series B validates that thesis.
Looking Ahead
The luxury vacation rental segment in India is still in its early innings. Over the next five years, we expect significant market consolidation, stronger brand-led differentiation, and growing cross-border demand. With its strong tech foundation, dual-brand strategy, and relentless focus on quality, ELIVAAS is well positioned to lead this shift..
At 3one4 Capital, we are excited to continue supporting ELIVAAS as they:
- Scale their Indian operations in depth and breadth.
- Enter global markets with a uniquely Indian brand of luxury hospitality.
- Invest in technology that keeps them ahead of customer expectations.
“This round will enable us to not only grow aggressively in India but also lay the groundwork for international expansion. Our focus remains on leveraging technology to ensure seamless, high-quality experiences at scale while strengthening ELIVAAS as a trusted brand in luxury travel," said Ritwik Khare, Founder and CEO, ELIVAAS.
We share that vision. As we’ve seen across our portfolio, sectors with strong tailwinds and fragmented supply are fertile ground for technology-led consolidation. From our first meeting with the founders to leading the Series A, and now participating in the Series B, our conviction in ELIVAAS has only grown. This is a brand well on its way to becoming the definitive name in luxury vacation rentals from India and for India.
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