Elivaas, a three-year-old vacation rental platform, is adding villas and apartment complexes to its portfolio of individual holiday homes to differentiate itself from the growing pool of holiday-home operators.
The Gurugram-based company, which manages over 800 properties, is betting that the expansion will allow it to add hundreds of units to its portfolio through a single developer or homeowner partnership, rather than acquiring properties one at a time.
The hospitality startup, present in 55 cities, is also raising ₹200-250 crore to finance its planned expansion to 1,200 properties by March 2027. It has already signed a pipeline of about 1,100 units that are expected to come under its management over the next two years, founder and chief executive Ritwik Khare told Mint.
The company, officially Ishanee Villas Tech Pvt. Ltd, last raised ₹87-crore Series B round led by Vertex Ventures Southeast Asia and India in August 2025, with existing investors such as Peak XV Partners’ Surge and 3one4 Capital also participating. It previously raised $5 million (about ₹42 crore) in Series A funding in September 2024. The business was founded by Khare and co-founder Karan Miglani in 2023.
“Most second-home owners are struggling to maintain and monetize properties when they are not using them. The Real Estate Regulatory Authority (RERA) has 600,000 units. We are identifying a huge pool of this newly constructed inventory that could potentially be managed as holiday-home stock,” he said.
It has also expanded its presence beyond North India. This month, it signed 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. It also has properties in other Maharashtra locations, including Lonavala, Alibaug and Karjat.
It 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.
The differentiator
The model is now being stretched beyond individual homes, with developers and homeowners increasingly bringing multiple units into a project, enabling collective management of areas to be developed as blocks of hospitality inventory.
“We have the responsibility for housekeeping, maintenance, staffing, guest services, food, distribution and revenue management and are working with developers and complex owners to manage entire societies of holiday homes and adding abilities for home owners to monetize with things like food and beverage and spas, etc. in the same area,” said Khare.
Technology is also playing a part in managing bulk inventory. Apps track staff with updates of photographs of areas such as swimming pools and bathrooms, uniforms, etc. “AI (artificial intelligence) also rejects photographs when requirements are not met, including checks on staff grooming and uniforms,” he said.
Business in numbers
The company, like its peers, earns a share of the revenue generated by the properties it manages. Khare said leisure and villas still account for about 70% of its revenue, while the inventory is roughly evenly split between villas and apartments. The business has also moved deeper into ancillary services, with offerings such as spa partnerships, picnics, and decorations, which now contribute about 30% of the business, up from about 3% two years ago.
While Elivaas' average occupancy is above 50% and its average booking value is above ₹20,000, food has become another important part of the proposition, particularly because it feeds directly into guest reviews, Khare said.
"In Goa, guests may have breakfast and poolside food and drinks at the property before heading out for lunch or dinner, while in Kasauli, guests are more likely to eat several meals at the property,” he added.
This is likely to fuel growth. Elivaas reported a revenue of ₹45 crore in fiscal year 2024-25 (FY25) and ₹110 crore in FY26. Khare expects revenue to more than double again to over ₹230 crore in FY27. “This year, we will deliver ₹230 crore,” he said, referring to the company’s growth trajectory. The company is not yet profitable, and Khare said it expects to break even around the same time next year.
The longer-term target is considerably larger: about 6,500 villas and apartments under management and ₹3,000 crore in top line by FY32. The company is also evaluating international markets, including Dubai and Sri Lanka.
“Demand signals are real, but supply isn't keeping up. 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%—a 2.5 percentage-point gap that compounds year-on-year. This imbalance is expected to push national occupancy above 73% by 2027,” he said.
Competitors are also gaining ground. Mumbai-based SaffronStays expects gross bookings of about ₹150 crore in FY27, up from ₹108 crore in FY26 and ₹66 crore in FY24. Its net earnings are projected at ₹39 crore in FY27, compared with ₹27 crore in FY26, Mint reported in June.
In June, SaffronStays' co-founder Devendra Parulekar told Mint that occupancy averaged between 30% and 40%. During peak season, it goes up to 50%, and during the off-season, it drops to 25%. On average, last year, it was 26.5%. This year, the company expects it to be higher.
On the other hand, Mumbai-based StayVista had an operating income of ₹180 crore in FY25 and a net profit of ₹3.6 crore.