News on Medial

ELIVAAS in talks to raise Rs 100 Cr in new round

Entrackr · 2m

Vacation home rentals platform ELIVAAS is in the process of raising $10-12 million, sources familiar with the matter told Entrackr. The new discussion comes just six months after it secured $5 million in its Series A round. “ELIVAAS is in late-stage talks with new and existing investors to raise new money at around Rs 500 crore valuation,” said one of the sources requesting anonymity as talks are yet to be public. Sources emphasized that the talks have come on the back of ELIVAAS strong growth in revenue in the last fiscal year (FY25). Founded in 2023 by Ritwik Khare and Karan Miglani, ELIVAAS provides luxury villas and premium apartments across popular destinations such as Kasol, Goa, Udaipur, Nainital, Shimla, Rishikesh, and others on rent. The two-year-old firm closed FY25 with more than threefold year-on-year growth in both revenue and gross booking value,” said another source who wished to remain anonymous. “Currently, the deal terms are under discussion, with a new investor likely to lead the round.” To be sure, the terms of the deal may still change at the last minute. Queries sent to ELIVAAS co-founder didn’t elicit any immediate response, while Peak XV has declined to offer comment on the story. ELIVAAS has raised $7.5 million to date, including a $5 million Series A led by 3one4 Capital with participation from Peak XV. Its $2.5 million seed round was led by Peak XV’s Surge, with backing from angel investors such as Kunal Shah, Mohit Gupta, Amit Lakhotia, Naveen Kukreja, and others. ELIVAAS has yet to disclose its FY25 numbers. However, as per startup data platform TheKredible, the company recorded a revenue of Rs 7 crore and a loss of Rs 10.4 crore for the fiscal year ended March 2024.