Transforming the vacation rental landscape with ELIVAAS
“With ELIVAAS, I’m finally back to my roots making travel more memorable and accessible”, says Ritwik Khare, the Founder and CEO
Ritwik Khare, the Founder and CEO of ELIVAAS, is no stranger to innovation. With a career spanning finance, education, and travel, Khare has always directed towards industries that merge complexity with human connection. From his early roles at Citibank and Aegon to his transformative years as COO at MakeMyTrip, Khare has built a reputation for strategic insight and leadership.
However, it was a personal encounter with the vacation rental market that inspired him to launch ELIVAAS, a company that seeks to redefine how Britons experience travel and how property owners unlock value from their investments. With ELIVAAS, Khare is on a mission to deliver not just accommodation but exceptional, bespoke travel experiences.
The birth of ELIVAAS
Khare’s transition to entrepreneurship was catalysed by a personal discovery. “In 2021, my wife and I purchased properties in Goa and realised a significant gap in the second-home market. Homeowners lacked proper infrastructure to manage their assets. This insight inspired ELIVAAS.”
His extensive career, from MakeMyTrip to managing a B2B EdTech company gave him the skills and perspective needed to address this market gap. “I’d observed the DNA of successful start-ups and knew this was an opportunity to merge technology with hospitality,” Khare reflects.
Launched in January 2023, ELIVAAS combines the best technology with hospitality expertise to offer seamless property management and tailored guest experiences. “We’re not just a booking platform; we manage everything from guest relations to maintenance allowing homeowners to focus on returns while we create memorable stays.”
The vision
Khare’s vision for ELIVAAS extends beyond business growth. “At ELIVAAS, our goal is to be Britain’s most loved and trusted vacation rental brand,” he shares. This commitment drives constant innovation, such as tech-led property optimisation and curated luxury offerings like ELIVAAS Privé and Amayah by ELIVAAS.
ELIVAAS Fleur-De-Lis, Kasauli, Himachal Pradesh
“The gap we identified was significant,” he explains. “No brand was addressing the need for travellers to experience private homes during their holidays. These are times for relaxation, luxury, and personalisation, and we’re filling that void.”
Khare attributes the company’s rapid success to its quality-first approach. “Unlike competitors, we prioritise quality over volume,” he says. “With 94 percent of our reviews being five-star, we are creating a benchmark for excellence.”
The investment
The recent $5 million Series A funding marks a significant milestone for ELIVAAS. “This funding validates our business model and equips us to scale faster,” says Khare. “We’re enhancing technology, expanding our portfolio, and deepening our marketing reach.”
He emphasises the importance of strategic backing: “The guidance from our investors accelerates our journey, helping us leapfrog timelines and make impactful investments in both technology and brand development.”
The future
ELIVAAS plans to extend its presence in key tourist destinations while introducing innovative platform features. “The vacation rental market, growing at 40 percent CAGR, holds immense potential. We aim to lead this evolution, ensuring luxury and convenience are accessible to all,” Khare asserts.
ELIVAAS BluDoor, Goa
Upcoming launches include 'ELIVAAS Privé’ and ‘Amayah by ELIVAAS’, which promise to elevate luxury offerings. “These initiatives cater to affluent travellers seeking bespoke experiences and premium accommodations,” he adds.
A new era in hospitality
“Travellers are shifting towards unique, personalised experiences,” Khare remarks, describing the booming demand for private stays and second homes. “Vacation rentals offer the perfect mix of luxury, privacy, and comfort, making them increasingly attractive.” The hospitality industry is witnessing a sea change, driven by consumers’ desire for tailored experiences over standardised offerings.
Khare highlights the financial allure of second homes, “With annual returns of 4-6 percent and capital appreciation, they surpass traditional investments. Rental income often outweighs loan interest rates, creating a win-win for owners and investors alike.” He also notes how the pandemic accelerated this trend, with travellers prioritising safety and exclusivity.
“At ELIVAAS, we’re embracing this evolution. We curate unforgettable, tailored experiences for guests while helping second homeowners unlock the true potential of their properties,” he adds.
Reflecting on his journey, Khare believes in the power of bold decisions. “My experiences at MakeMyTrip taught me invaluable lessons about building relationships and understanding market dynamics,” he notes. “With ELIVAAS, I’m finally back to my roots making travel more memorable and accessible.”
Khare’s passion for travel and innovation is evident in every facet of ELIVAAS. As he aptly concludes, “We’re redefining what it means to vacation in style.”
