Mumbai-based D2C sports brand Elevar has raised Rs 19 crore in a Series A round of funding, led by Kalaari Capital, with participation from Dream Capital (DreamCap), the corporate venture capital and M&A arm of Dream Sports.
Elevar will utilise the funds towards expanding its product portfolio, increasing its marketing efforts, and building its team.
Kunal Joshi, Co-founder, Elevar, said,
“We are thrilled to have Kalaari Capital and Dream Capital partner with us. This gives us the platform to take our product portfolio to the next level, enabling us to build a millennial-first sports brand that addresses our customer’s performance requirements as well as their modern design sensibilities.”
“Cutting-edge materials and technology in sporting goods have always been priced out of reach for several Indians. Our direct-to-consumer business model enables us to offer customers these innovative technologies at an extremely attractive price point,” added Aayush Tapuriah, Co-founder, Elevar.
Launched in 2018, Elevar is a direct-to-consumer sports brand that currently has two core product categories — Athletic Performance Footwear and Cricket bats. Its team of designers, engineers, and partners seek to deliver cutting-edge designs using the latest research from biophysics and sport.
Vani Kola, Kalaari Capital, said, “Aayush and Kunal’s passion for building an India-first sports brand was infectious. Their understanding of the market, commitment to product innovation and customer experience stood out for us. We are proud to be an early partner in their vision to build a disruptive sports company from India.”
Kunal and Aayush have prior experience in consulting, banking, investing, and startups in both the US and India. The two met in 2007 at Cornell University.
“Elevar’s products speak for themselves in terms of their appeal, design and quality. We look forward to partnering with the team to develop India’s leading sports lifestyle brand,” added Dev Bajaj, Managing Director, Dream Capital.