Elevar, D2C Sports Firm Raises $2.6 Mn in Series A Round Led By Kalaari & Dream Capital.

Direct to Consumer Sports Firm, Elevar raises $2.6 Million (approx Rs. 19 crores) in their Series A round led by venture capital firms Kalaari Capital & Dream Capital on August 30th, 2021.

The Journey of the Sports Firm

What began in 2017 as a dream to create a sports brand that brings technology and design together, Kunal Joshi & Aayush Tapuriah set out on a journey to revolutionize the cricket bat industry. With an aim to innovate the performance, reliability, and style in the bat industry, Elevar launched innovatively engineered bats in 2018. As a result of this innovation, the ergonomic handle design & grip innovation revolutionized the batting experience. Their second product, the Arc Racer, a premium sneaker engineered with cutting-edge technology is priced affordably for the Indian crowd.

The Investment

The D2C sports brand, Elevar manufactures cricket bats and athletic performance footwear & has raised $2.6 Million in its Series A round. The round was led by venture capital firms Kalaari Capital & Dream Capital, the M&A division of Dream Sports. The raised funds will be infused towards expanding product offerings, workforce, and promotional strategies.
Kalaari Capital, the primary investor has invested in 187 startups, including Dream11, Cashkaro.com, Cure.fit, Scoopwhoop, and Myntra among others. Dream Capital allocated a $250 Mn fund under Dream Capital an M&A arm that targets startups involving sports, online gaming, and fitness solutions.

Speaking on the funding, Aayush Tapuriah, co-founder, Elevar commented, “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 an extremely attractive price point.” Adding further on the raise, 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.”

The Sports Footwear Industry

The $3.5 billion sports footwear industry grows at an average rate of 15-20 % Year on Year. The sports footwear industry estimates to increase at a CAGR of 22.85 % from 2021 to 2025, with global revenue reaching $872 million in 2021 alone.

Find out Elevar’s innovative sports footwear and equipments on their website. Also, explore their affordable range of products and unleash an insane experience!

Read more about Kalaari Capital investments:

HYDERABAD START-UP MUZIGAL RAISED INVESTMENT FROM KALAARI CAPITAL – Start-Up Hyderabad (startuphyderabad.com)

ENTERING THE AT-HOME WORKOUT VERTICAL, CULT.FIT ACQUIRES TREAD – Start-Up Hyderabad (startuphyderabad.com)

Dream11 becomes the first Indian gaming company to be a ‘Unicorn’ – Start-Up Hyderabad (startuphyderabad.com)

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