Gurugram-based vacation rental platform Elivaas is launching a ₹200-250 crore fundraising to finance its aggressive expansion from 43 cities to 1,200 cities by March 2027. According to reports from Mint, the three-year-old company has already signed a pipeline of about 1,100 units that are expected to come under its management over the next two years. The company, officially Ishanee Villas Tech Pvt. Ltd, last raised ₹87 crore in Series B round led by Vertex Ventures Southeast Asia and India in August 2025, with previous funding of $5 million (₹42 crore) in Series A in September 2024. The business was founded by founder and CEO Ritwik Khare and co-founder Karan Miglani in 2023.
The company is expanding beyond individual holiday homes to include villas and apartment complexes to differentiate itself from growing competition. As reported by Mint, founder and CEO Ritwik Khare explained that most second-home owners struggle to maintain and monetize properties when not in use, while the Real Estate Regulatory Authority (RERA) has 600,000 units that could potentially be managed as holiday-home stock. The model now enables collective management of entire societies of holiday homes, with the company handling housekeeping, maintenance, staffing, guest services, food distribution, and revenue management. Technology is playing a crucial role in managing bulk inventory, with apps tracking staff through photographs of areas like swimming pools and bathrooms, while AI rejects photographs when requirements are not met, including checks on staff grooming and uniforms.
According to Mint reports, Elivaas has expanded beyond North India with new projects including a 12-unit project on Chennai's East Coast Road (Mahabalipuram) in Tamil Nadu and a project with Mumbai-based real estate developer Shree Naman Group in Pawna. The company currently manages over 800 properties and has achieved above 50% average occupancy with average booking value above ₹20,000. Food services have become increasingly important, with food contributing about 30% of business compared to just 3% two years ago. The company is also adding destinations in Coorg, Chikkamagaluru and the outskirts of Bengaluru in Karnataka, as well as Varkala, Wayanad, Alleppey and Munnar in Kerala, as demand for professionally managed holiday homes expands beyond its existing markets.
As reported by Mint, Elivaas reported ₹45 crore revenue in FY25 and ₹110 crore in FY26, with CEO Khare expecting revenue to more than double to over ₹230 crore in FY27. The company is not yet profitable but expects to break even around the same time next year. The longer-term target includes 6,500 villas and apartments under management and ₹3,000 crore in top line by FY32. Leisure and villas still account for about 70% of revenue, while the inventory is roughly evenly split between villas and apartments. The company is also evaluating international markets, including Dubai and Sri Lanka, as part of its expansion strategy.
According to Mint reports, hospitality demand is projected to grow at 10.5% annually until 2027, while supply across all room categories is expected to grow at just 8%, creating a 2.5 percentage-point gap that compounds year-on-year. This imbalance is expected to push national occupancy above 73% by 2027. Competitors are also gaining ground, with Mumbai-based SaffronStays expecting gross bookings of about ₹150 crore in FY27 and net earnings of ₹39 crore in FY27, up from ₹27 crore in FY26. StayVista reported ₹180 crore operating income in FY25 and a net profit of ₹3.6 crore. The company is also working with developers and complex owners to manage entire societies of holiday homes, enabling the consistency of a hotel brand for holiday makers.
