Elan Group Funding, Investors & Competitors

Elan Group has raised $254M across 3 funding rounds, most recently a $143M undisclosed-stage round in October 2024.

Last Elan Group funding round

$143M

Undisclosed stage · Oct 2024

Cumulative funding Elan Group raised

$254M

across 3 funding rounds

Key investors in Elan Group

  • PAG
  • Kotak Realty Fund

Elan Group Overview

About Elan Group

Elan Group is a Gurugram-based real estate developer focused on residential, retail, commercial, and hospitality projects across Gurugram and New Delhi in India's National Capital Region. Its portfolio spans 15 projects with roughly 25 million square feet of built-up area, including luxury developments such as Elan The Presidential and Elan Imperial along the Dwarka Expressway. The company, flagshipped by Elan Limited, is controlled by the Kapoor family and entered the luxury residential segment in 2022.


Founded

2013

HQ

IndiaIndia

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Product sales

Elan Group Funding History

Elan Group has raised a total of $254M across 3 funding rounds.

Elan Group's first fundraising round was a $54M undisclosed-stage round in August 2022. The most recent completed round was a $143M undisclosed-stage round in October 2024.

Elan Group funding rounds

Elan Group funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2024Undisclosed stageKotak Realty Fund (lead)$143MElan Group, a Delhi NCR-based real estate developer focused on Gurugram and New Delhi, secured Rs 1,200 crore in growth capital from Kotak Real Estate Fund, part of Kotak Alternate Asset Managers, on October 22, 2024. The funding, led by Kotak Realty Fund, aims to support expansion in Gurugram's prime real estate market, fast-track ongoing projects, and enable new developments in residential, retail, commercial, and hospitality segments. Kotak Real Estate Fund, which has raised over $3.5 billion since 2005 across diverse asset classes, views Elan Group as a high-growth partner. Elan Group's portfolio includes 15 projects spanning residential, retail, office, and hospitality with a total built-up area of 25 million square feet. Key projects include Elan The Presidential, a luxury residential development in Sector 106 along the Dwarka Expressway, and Elan Imperial, a luxury commercial project in Sector 82, Gurugram. The company recently awarded Rs 2,000 crore in construction contracts to Leighton Asia for these initiatives and entered the luxury residential segment in 2022. This round follows a prior Rs 425 crore (approximately $110 million) investment from global alternative investment firm PAG in August 2022. Leadership, including Director Akash Kapoor and CFO Sandeep Agarwal, emphasized the funding's role in enhancing project quality, scale, and customer experiences. Kotak Real Estate Fund CEO Vikas Chimakurthy highlighted Elan Group's market potential and growth trajectory. The capital infusion positions Elan Group to capitalize on rising demand for real estate in India, particularly in Gurugram's high-potential locations.
Dec 2022Undisclosed stagePAG (lead)$58MElan Group is a Gurugram-based real estate developer focused on luxury residential, commercial, and retail projects in India's National Capital Region, with a portfolio of 12-15 developments totaling 15-25 million square feet of saleable or built-up area. The company, flagshipped by Elan Limited and controlled by the Kapoor family, has projects like Elan The Emperor, Elan The Presidential, Elan The Mark, and others. In 2022, Asia Pragati Strategic Investment Fund, an affiliate of Hong Kong-based private equity firm PAG, invested Rs 875 crore (approximately $55-60 million USD equivalent) as growth capital to fund upcoming projects, construction, debt reduction, and expansion including land acquisitions along Dwarka Expressway and from Ambience Group. Cushman & Wakefield advised on the transaction, first reported by Economic Times. The investment supported Elan Group's scaling of its retail and commercial assets and entry into premium residential segments, with recent acquisitions like 40 acres from Indiabulls Real Estate for $72 million and 7.65 acres for $25 million. Elan has since demonstrated financial strength by repaying the full Rs 875 crore debt to Asia Pragati ahead of schedule in 2025, reducing interest liabilities and enhancing liquidity for future projects. This early repayment underscores operational resilience in a competitive market. Post-investment, Elan raised additional capital including Rs 1,200 crore from Kotak Real Estate Fund and Rs 250 crore from Piramal Finance. The company positions itself as agile and future-focused, leveraging a leaner balance sheet for accelerated construction and market expansion in high-growth areas like Gurugram and New Delhi.
Aug 2022Undisclosed stagePAG (lead)$54MElan Group is a Gurugram-based real estate developer focused on residential, retail, commercial, and hospitality projects across Gurugram and New Delhi, with a portfolio of 15 projects offering approximately 25 million square feet of built-up area. The company entered the luxury residential segment in 2022 with the launch of Elan The Presidential in Sector 106 along the Dwarka Expressway. In August 2022, Elan Group received an investment from PAG's Asia Pragati Strategic Investment Fund, reported variably as Rs 425 crore or $60 million initially, with total infusions reaching Rs 875 crore structured as growth capital and debt to support project development, including the luxury housing project The Presidential and to manage current debt. The PAG investment served as follow-on funding, with an initial $50 million commitment noted earlier in August 2022, enabling acceleration of development pipelines and operational expansion. Elan Group demonstrated financial strength by repaying the full Rs 875 crore to Asia Pragati ahead of schedule in 2025, citing robust operations, strong housing demand, and strategic execution, which reduced interest liabilities and enhanced liquidity for future projects and land acquisitions. This early repayment positioned Elan as one of few Indian developers to retire institutional debt in advance. Post-PAG, Elan secured additional capital including Rs 1,200 crore from Kotak Real Estate Fund in 2024 for Gurugram expansion and Rs 250 crore from Piramal Finance for new construction, alongside Rs 140 crore debt. The company awarded Rs 2,000 crore in construction contracts to Leighton Asia for key projects like Elan The Presidential and Elan Imperial.

Who has invested in Elan Group?

2 investors have backed Elan Group across its funding rounds, including PAG and Kotak Realty Fund.

Lead investors include Kotak Realty Fund and PAG.


Elan Group Investors

Investors in Elan Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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Elan Group Competitors

Elan Group competitors include listed companies like Vingroup, Samsung C&T, Sun Hung Kai Properties and D.R. Horton, and private ones like Maple Leaf Sports & Entertainment and Hive Box.

Public and private companies comparable to Elan Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
VingroupVietnamVietnamPublicly listed$13B$3.1B$70B5.0x
Samsung C&TSouth KoreaSouth KoreaPublicly listed$30B$3.8B$42B1.4x
Sun Hung Kai PropertiesHong KongHong KongPublicly listed$10B$4B$40B4.2x
D.R. HortonUnited StatesUnited StatesPublicly listed$34B$4.7B$39B1.4x
Maple Leaf Sports & EntertainmentCanadaTorontoPrivate--$15B-
Hive BoxChinaShenzhenPrivate--$3B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vingroup$13B$3.1B6.2x5.0x25.8x37.1x
Samsung C&T$30B$3.8B1.5x1.4x11.9x13.2x
Sun Hung Kai Properties$10B$4B4.8x4.2x12.4x12.4x
D.R. Horton$34B$4.7B1.3x1.4x9.5x10.4x
Goodman Group$1.8B-21.7x16.9x-20.0x
Emaar Properties$13B$6.9B2.0x1.9x3.9x4.0x
Mitsubishi Estate$11B$3.3B4.0x3.8x13.6x15.2x
China State Construction Engineering$310B$15B0.5x0.5x10.8x10.9x

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Common questions about Elan Group

When was Elan Group founded?Elan Group was founded in 2013.
Where is Elan Group headquartered?Elan Group is headquartered in India.
Is Elan Group publicly listed?No, Elan Group is a private, VC-backed company.
How much funding has Elan Group raised?Elan Group has raised $254M across 3 funding rounds.
What was Elan Group's last funding round?Elan Group's last funding round was a $143M undisclosed-stage round in October 2024, led by Kotak Realty Fund.
Who are Elan Group's investors?Elan Group's investors include PAG and Kotak Realty Fund.
Which companies are comparable to Elan Group?Companies comparable to Elan Group include Vingroup, Samsung C&T, Sun Hung Kai Properties, D.R. Horton, Maple Leaf Sports & Entertainment and Hive Box.

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