Innovative sports brand Elevar said on Monday that it has raised INR 19 Cr in Series A round led by Kalaari Capital. Dream Capital (DreamCap), the Corporate Venture Capital and M&A arm of Dream Sports, also participated in the funding round. The company said that it will utilize the funds towards expanding its product portfolio, increasing its marketing efforts, and building out its team.
Launched and founded in 2018, Elevar is essentially a direct-to-consumer sports brand that aims to provide consumers with high quality consumer brands. Sport shoe brand ARC RACER is company’s currently flagship product. ARC RACER – is a versatile sneaker that is rich in features and high on design.
Elevar also boosts unique line of cricket bats that the company claims are engineered to offer an enhanced batting experience.
The company is co-founded by Kunal Joshi & Aayush Taapuriah, both of whom are alumni from Cornell University.
Commenting on the Series A round, 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.”
Vani Kola, Kalaari Capital, added, “Aayush and Kunal’s passion for building an India-first sports brand was infectious. Their understanding of the market, commitment to product innovation & 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.”
If one takes into account only the sports footwear market in India, the market is estimated to be around $3.5 BN and the market is estimated to be around 15-20% p.a.