Elevar, a direct-to-consumer sports apparel company, has successfully raised $2.6 million in its Series A funding round. The investment was led by Kalaari Capital and Dream Capital, marking a significant milestone for the company.
Direct-to-Consumer Sports Brand Elevar Raises $2.6 Million in Series A Funding Led by Kalaari Capital and Dream Capital
On August 30th, 2021, Elevar, a direct-to-consumer sports brand specializing in cricket bats and athletic footwear, secured $2.6 million in its Series A funding round. The investment was spearheaded by Kalaari Capital and Dream Capital, the M&A arm of Dream Sports.
Elevar’s Journey
Founded in 2017 by Kunal Joshi and Aayush Tapuriah, Elevar set out to transform the cricket bat industry with a blend of technology and design. The company’s debut product in 2018 featured an ergonomically designed handle and advanced grip technology, enhancing the batting experience. Elevar’s second innovation, the Arc Racer sneaker, combines cutting-edge technology with affordability for the Indian market.
The Investment
The Series A funding round saw significant contributions from Kalaari Capital, which has previously invested in 187 startups, including Dream11, Cashkaro.com, and Myntra. Dream Capital, with its $250 million fund targeting sports, gaming, and fitness startups, also played a crucial role in this round.
The funds will be directed towards expanding Elevar’s product range, growing the workforce, and boosting promotional efforts. Aayush Tapuriah, co-founder of Elevar, remarked, “Cutting-edge sporting goods have often been beyond the reach of many Indians. Our direct-to-consumer model allows us to offer these advanced technologies at attractive prices.” Kunal Joshi, co-founder, added, “We are excited to have Kalaari Capital and Dream Capital on board. This partnership will help elevate our product portfolio, allowing us to build a sports brand that meets the performance and design needs of millennials.”
Industry Outlook
The $3.5 billion sports footwear industry is experiencing significant growth, with a projected CAGR of 22.85% from 2021 to 2025. Global revenue in 2021 alone is estimated to reach $872 million.
Explore Elevar’s innovative sports footwear and equipment on their website and discover their range of affordable products.