Holiday home fractional ownership platform ALYF has raised $1.5 million or Rs 11.25 crore seed capital led by 9Unicorns and Venture Catalysts. This is the first round of funding for the company which ensures part ownership in holiday homes.
The fresh capital will be used for expansion, marketing and enhancing technology capabilities, the company said in a press statement.
Founded in June 2022 by Saurabh Vohara and Karan Chandiok, ALYF is a marketplace that makes holiday home ownership accessible to the middle class. The company offers a smart ownership model where a property can be owned individually or by a group of 8 owners. In return, individual owners get 44 days for self use or put it on rental to third parties.
ALYF is previously backed by investors like Saurabh Garg, Amit Agrawal, Akhil Gupta, Kunal Shah, Arjun Vaidya, Ritesh Malik, Pravin Agarwal, Mitesh Shah and others.
ALYF claims to have a mandate of about 10 properties across Lonavala, Goa, and Alibaug and is targeting sales of Rs 100 crore in the next 12 months. While the company doesn’t have any direct competition, Pacasso in the US and Kocomo in Mexico are similar companies which work on a fractional ownership model.