Sportswear direct-to-consumer (D2C) Brand Elevar on Monday announced that it has raised INR 19 crore in Series A round of funding led by venture capital firm Kalaari Capital with participation from Dream Capital (DreamCap), the Corporate Venture Capital and M&A arm of Dream Sports.
The company will utilize the funds towards expanding its product portfolio, increasing its marketing efforts, and building out its team.
“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,” said Kunal Joshi, co-founder, Elevar.
Launched in 2018, Elevar is a D2C sports brand that currently has two core product categories: athletic performance footwear and cricket bats. Their team of designers, engineers, and partners seek to deliver cutting-edge designs utilizing the latest research from biophysics and sport. Driven by the belief that customers deserve the best possible sporting experiences at affordable price points, they prioritize sourcing premium materials and utilize only the finest technologies for products across their portfolio.
“Cutting-edge materials and technology in sporting goods have always been priced out of reach for several Indians. Our D2C business model enables us to offer customers these innovative technologies at an extremely attractive price point,” stated Aayush Tapuriah, co-founder, Elevar.
Their flagship shoe--ARC RACER--is a sneaker that is rich in features and high on design. At the heart of the shoe is Elevar’s proprietary sole unit, RYDEFOAM. Made from E-TPU, foam technology, it gives the user an unparalleled running experience that combines pillow-like softness with spring-like responsiveness. The shoe is made affordable at one-third the price of comparable shoes from international brands, the company claims.
“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,” noted Vani Kola, founder, and managing director, Kalaari Capital.
The sports footwear market in India alone is around $3.5 billion growing at around 15-20 per cent per annum. While there is still a large unorganized section of this market - rising incomes, changing consumer tastes, and e-commerce penetration are all leading to the organized sector gaining more market share each year.
“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 Dev Bajaj, managing director, Dream Capital.
Despite the sector 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.
