Elevar, a D2C sports business based in Mumbai, will utilize the funds to diversify its portfolio, increase marketing activities, and grow its team.
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Elevar Series A funding news
Elevar, a Mumbai-based D2C sports brand, has raised Rs 19 crore in a Series A funding round led by Kalaari Capital and Dream Capital (DreamCap), Dream Sports’ corporate venture capital and M&A arm.
Elevar plans to use the capital to expand its product portfolio, increase marketing activities, and hire more people.
“We are happy to have Kalaari Capital and Dream Capital collaborate with us,” said Kunal Joshi, co-founder of Elevar. This provides us with the foundation to expand our product portfolio, allowing us to create a millennial-focused sports brand that meets both our customers’ performance needs and their current aesthetic sensibilities.”
“For numerous Indians, cutting-edge technology and materials in athletic goods have long been beyond of reach. Elevar Co-founder Aayush Tapuriah noted, “Our direct-to-consumer business strategy enables us to give clients this revolutionary technology at an exceptionally reasonable pricing point.”
Elevar was founded in 2018 as a straightforward sports brand with two main product categories: Athletic Performance Footwear and Cricket Bats. Its designers, engineers, and partners strive to create cutting-edge products based on the most recent biophysics and sports research.
“Aayush and Kunal’s zeal for developing an India-first sports brand was infectious,” Kalaari Capital’s Vani Kola stated. We were impressed by their market knowledge, devotion to product development, and customer service. We’re honoured to have been a part of their early plans to create a revolutionary sports company out of India.”
Kunal and Aayush have worked in consulting, banking, investing, and startups in the United States and India, respectively. They met at Cornell University in 2007.
“In terms of attractiveness, design, and quality, Elevar’s goods speak for themselves. Dev Bajaj, Managing Director of Dream Capital, remarked, “We look forward to collaborating with the team to establish India’s best sports lifestyle brand.”