Scaling 12x in 20 Months: Elivaas’s Journey from PMF to Breakout

At 3one4 Capital, we partner with founders who are reimagining the digital day for India’s aspirational consumers. Travel, one of the largest discretionary spend categories, is ripe for disruption in India. India’s tourism sector is rapidly expanding, with Domestic Tourist Visits (DTVs) reaching 677.63 million in 2021. Post-COVID, a surge in demand for premium alternate accommodation has created a once-in-a-decade opportunity, and we were prepared to partner with the next category challenger in the space.

India’s luxury villa and apartment rental market is growing at 25–30% annually, already worth over $4B, and set to reach $20B by 2035. Multi-generational families, young professionals, and corporates are turning away from hotels in favour of private villas, seeking privacy, space, and unique, curated experiences. Once a niche, alternate accommodations are now a mainstream growth driver, blending hospitality with familiarity and comfort. Even Airbnb reported 90% growth in family travel in India in 2022 vs pre-2020. This was the inflection point we had been anticipating, and this is the context in which ELIVAAS was born.

Our Series A lead investment in Elivaas emerged from the convergence of three non-obvious insights:

- India’s travel and real-estate trends were converging, with a growing inventory of second homes and holiday properties and a surge in travellers' demand for private, safe, and exclusive accommodations.

- The fragmentation of supply required a dedicated full-stack approach, one that a national brand could endorse with deep curation and operational involvement.

- This needed a team with domain expertise, sector specialists that understood how to build an asset-light business with operational leverage while delivering superior outcomes and uncompromised experiences to guests.

Over the past twelve months, this team has demonstrated what happens when ambition meets precise execution. By staying true to an undiluted full-stack, vertically integrated model — owning the guest journey from booking to checkout — they have transformed a bold vision into a rapidly scaling business with superior margins. This relentless focus on end-to-end control has built the foundation for the operational dynamism to scale a category leader.

Elivaas: Operational Excellence Delivered

In less than two years, Elivaas scaled from 10 to over 500 luxury properties across 8 states — from Goa’s scenic beaches to Himachal’s mountain retreats. Each property is handpicked and meticulously managed, and the results speak for themselves. Their properties average 94% five-star reviews, a standard rarely achieved in fragmented markets. This is more than customer satisfaction; it’s operational proof that a distributed network of high-value assets can deliver hotel-grade consistency when integrated into a full-stack value proposition.

Their full-stack approach covers everything from sourcing properties, onboarding them with strict SOPs, training on-ground staff, and maintaining brand standards, to guest experience design and post-stay engagement. The Elivaas tech stack, from homeowner and guest apps to AI-assisted maintenance and staff assignment, enables real-time visibility and yield optimisation. For example, in Goa, one villa owner remarked: “I never thought my home could be this well cared for while earning income year-round.” This blend of trust, transparency, and returns is the foundation of their strong asset pipeline.

Today, this segment is growing 10x faster than the hotel industry in both demand and supply. While new hotel capacity expands by just 3–4% annually, the supply of second homes — luxury villas and apartments in leisure and business destinations — is growing at 25–30% each year. This accelerating pipeline is creating a structural shift in the hospitality landscape, opening space for Elivaas to aggregate, standardise, and monetise this surge in high-quality inventory through their unique model.

This level of full-stack integration, marrying high-touch hospitality with scalable tech, is normally seen only in top global hotel chains. Elivaas has effectively delivered the digital Marriott for luxury villas: a branded experience layer on a fragmented supply base.

Elivaas adds 50+ properties every month, with a playbook that ensures quality is never compromised for speed. Delivering institutional-grade property management with "five-star" hospitality benchmarks unlocks trust and peace of mind for second-home owners. By leveraging skilled talent pools trained at leading hospitality brands, Elivaas creates a differentiated asset class that combines luxury consistency with scalable service quality, addressing a historically underserved gap in the premium second-home market.

Full-stack technology integration is the key enabler of consistent, scalable delivery in this premium segment. By connecting homeowners and service teams through a unified digital layer, Elivaas unlocks real-time visibility, experience efficiency, and a seamless trust loop across every touchpoint. Guests enjoy immersive 3D tours, concierge chat support, and personalised experiences, while owners benefit from transparent dashboards, AI-driven pricing, and predictable income. Clear SOPs and a high-performance culture enable properties to go live and scale fast, with the founders personally training their operational leaders and customer experience divisions. The result is a brand that’s tech-led, experience-focused, customer-first, stakeholder-aligned, and capable of scaling without diluting delight.

Multiple Demand Streams

Demand-side strength comes from a diversified strategy. Beyond OTAs, Elivaas has built a network of 2,000+ B2B partners, including boutique travel agencies, corporate travel planners, and event organisers. This allows the business to capture multiple segments: luxury family vacations, corporate off-sites, destination weddings, wellness retreats, and even creative brand shoots.

In Udaipur, Elivaas properties have hosted high-profile destination weddings; in Gurgaon, they serve corporate offsites for Fortune 500 companies; in Goa, monsoon retreats attract a growing community of remote workers. Their upcoming solar-powered eco-resort in Varanasi reflects a forward-looking sustainability space, catering to eco-conscious travellers while enhancing the breadth of their capabilities.

This multi-pronged approach to demand generation and intent matching has been a force multiplier for Elivaas’s growth. The business isn’t reliant on any single channel or season; it has engineered resilience and omnipresence in the luxury travel ecosystem.

Backing Elivaas From Early PMF to Inflection

When we first met Ritwik and Karan in 2024, we were immediately struck by their clarity of vision and operational depth. Here were founders who understood both hospitality and technology at a granular level, and who had the ambition to build a full-stack company rather than a light-touch marketplace. By mid-2024, all our thesis signals were flashing green: demand was rising, supply was untapped, and the incumbent “unorganised” approach was ripe for disruption. We often talk about investing with precise timing – in Elivaas, that meant investing just as the category was set to explode and the company had built the core foundation to scale. We led Elivaas’s Series A in JAS 2024, a $5 million round, because we believed that Elivaas had the strategy and team to capture this market.

We aligned quickly on the four structural drivers that could shape the winning model in this emerging market:

- Underutilised second homes can be converted into income-generating assets.

- Post-COVID lifestyle shifts favour private, flexible, high-quality stays.

- Fragmented supply is creating an opportunity for brand-led consolidation.

- Technology leverage enables scale without compromising quality or requiring sunk working capital.

From day one of our partnership, 3one4 rolled up its sleeves. We don’t just invest capital; we strive to be deeply involved in the product and growth roadmaps of our partnerships. We worked with the team on the strategy to integrate AI into dynamic pricing engines, launch the ultra-luxury Privé brand for the top 5% of properties, and hire key leadership in supply acquisition, operations, and revenue management. We also facilitated partnerships with travel industry networks and luxury property developers, and supported the expansion into high-demand micro-markets.

As an investor, nothing is more gratifying than seeing execution exceed the plan: Elivaas has grown over 12x in revenue within 20 months, reflecting the sharp inflection in both market demand and execution velocity. It's margin profile is almost 2x of the standard margins of legacy models, with significant contributions from value-added experiential services. It is rare to see this level of growth with strong unit economics so early. Elivaas has managed to expand aggressively while keeping healthy margins through dynamic pricing and efficient operations. This reinforced our thesis that a full-stack, vertically integrated model, owning the end-to-end guest experience, would pay off with superior financial performance and retentive customer behaviour.

Learnings From Our Thesis In Action

Elivaas is proof that Indian consumer internet companies can continue to become category champions with global-quality products and services. They have combined brand-led trust with operational depth and technological edge. As the company announces its $10.4M (INR 87 Cr) Series B in August 2025, we are proud to increase our commitment and continue our close partnership with the team.

Their success so far is robust positive feedback to 3one4 Capital’s investment model at work: early insight, research-led conviction, precise timing, and active support. We specialise in identifying transformative trends in their nascency, much before they become obvious and mainstream. With alternative accommodations, our obsession with post-COVID consumer behaviour and second-home economics gave us that early insight. Being patient to meet the right team and deploying capital when an inflection is imminent is both strategy and luck, and we were fortunate to have this conjunction with Elivaas. Our 2024 Series A partnership with Elivaas exemplifies this; we invested not when everything was already proven, but when our thesis indicators signalled the coming breakout.

Conviction is crucial – in new sectors, there will always be doubters (we heard “aren’t hotels going to crush this niche?” or “Indians won’t pay for premium villas” from all corners). The best early-stage investments are unconventional and out of consensus, with the core insight usually being ahead of its time. When other market participants dismiss ideas as fringe or experimental, we double down to discover a differentiated solution with the potential to reshape how value moves across the chain fundamentally. This is what true venture capital looks like in practice: uncomfortable, unproven, and always uphill. It sounds elegant in hindsight, but the reality is complex and intensely demanding. When founders and early-stage investors partner to deliver differentiation, it always springs from convergent conviction.

We underwrite investments like Elivaas because our conviction leads us to new thinking ahead of consensus. This ethos allows us to evaluate complex businesses at their nascency and to be high-conviction partners to challengers like this team.

Congratulations to Ritwik Khare, Karan Miglani, and the entire Elivaas family. We are excited to continue our partnership as you deliver delight for every Indian vacation!

This team is building more than a business; they are setting a global benchmark for alternate accommodation in India. With an unwavering focus on always delivering the best experience, they are on track to become the standard setters for a new generation of Indian consumers.

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