Indian sports brand-Elevar raises US$ 2.6 million in Series A funding

Elevar, a Mumbai-based direct-to-consumer sports brand, has secured a fundraise of US$ 2.6 million (INR 19 Crore) in Series A funding led by Kalaari Capital and participation from Dream Capital, on August 30 2021. Elevar will utilise the funds to expand its product portfolio, increase its marketing efforts, and build its team.

What the founders have to say

Kunal Joshi, the co-founder of 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.”

He added, “We currently have two major categories, which we will expand moving forward, especially entering into the women’s sports footwear category. We have a presence across the country, but we aim to have a better reach in the east [India].” 

Co-founder of Elevar, Aayush Tapuriah, said, “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 a beautiful price point.” 

What the Investors have to say

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.”

Managing Director at Dream Capital, Dev Bajaj, remarked, “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.” 

About Elevar

Founded in 2017, Elevar Sports is a direct-to-consumer sports brand with two nucleus product categories — Athletic Performance Footwear and Cricket bats. Kunal Joshi and Aayush Tapuriah (Kunal and Aayush have had experience in consulting, banking, investing, and startups in both the US and India. Cornell University, 2017 was where they met for the first time) set out with a simple belief that all great sports products and brands are built at the intersection of technology and design. The startup is working with an aim to create premium sports commodities with cutting-edge technology at an affordable price point. To know more, check out https://in.elevarsports.com/.

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