Hospitality startup Elivaas raises $2.5 million in seed funding led by PeakXV’s Surge

economictimes.indiatimes.com:

Surge, Peak XV Partners’ scale up-programme for early-stage startups.

Other notable angels in the round include Naveen Kukreja, cofounder of Paisabazaar, Cred founder Kunal Shah, Zomato cofounder Mohit Gupta, Park+ founder Amit Lakhotia, among others.

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The newly-acquired funds will be used to establish a larger market presence across major cities in India and to scale its technology platform, the company said.

Cofounded by Ritwik Khare and Karan Miglani, Elivaas functions as a management platform for villas and luxury apartments, assisting homeowners monetising, monitoring, and maintaining their vacation properties.

“Travelling preferences among Indians have shifted very drastically towards group travels, family travels and experiential travel. Because of this, the demand for homestays and villas have grown four or five times faster than hotels. The growth rate of hotels in India is growing somewhere between 3% and 6% whereas leisure second homes, which is the sector that we serve, is growing upwards at 25% annually,”Khare told ET in an interaction.

The funding is part of Surge's ninth cohort and the first cohort since the establishment of Peak XV Partners, following the split from Sequoia Capital.

As reported on October 23 by ET, the scale-up programme has transitioned its focus from consumer brands and vertical e-commerce to advanced technologies. It selected thirteen early-stage startups, with a specific emphasis on areas such as artificial