MUMBAI: Indian direct-to-consumer sports brand Elevar has raised Rs 190 million 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.
The Mumbai-based company, which makes cricket bats and athletic performance footwear, will utilise the funds towards expanding its product portfolio, increasing its marketing efforts, and building out its team.
Launched in 2018, Elevar’s team of designers, engineers and partners seek to deliver cutting-edge designs utilizing the latest research from biophysics and sport, an official release states.
“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,” Kunal Joshi, co-founder, Elevar, said.
Vani Kola, Kalaari Capital, said the co-founders’ 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 Kalaari.
“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”, said Aayush Tapuriah, co-founder, Elevar.
“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,” commented said Dev Bajaj, managing director, Dream Capital.
Despite the sports footwear market featuring several established global and Indian brands, Elevar claims that their disruptive product and marketing strategy will prove to be a winning combination allowing them to scale rapidly.
