D2C sports brand Elevar secured Rs.19 crores 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 intends to use the funds towards expanding its product portfolio, increasing its marketing efforts, and building out its team.
Established in 2018, Elevar 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.
Kunal Joshi, Co-founder, Elevar says, “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 firm said it is driven by the belief that customers deserve the best possible sporting experiences at affordable price points. It is prioritising sourcing premium materials and utilize only the finest technologies for products across its portfolio.
Aayush Tapuriah, co-founder, Elevar states, “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.”
Their flagship shoe - Arc Racer - is a versatile 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, one of the world’s most innovative foam technologies, it gives the user a running experience that combines pillow-like softness with spring-like responsiveness. The firm said shoe is made affordable at one-third the price of comparable shoes from international brands.
Vani Kola, managing director, Kalaari Capital says, “Aayush (Tapuriah) and Kunal's (Joshi) passion for building an India-first sports brand was infectious. Their understanding of the market, commitment to product innovation & 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.”
The sports footwear market in India alone is about $3.5 billion growing at about 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. Despite the sector featuring several established global and Indian brands, Elevar said that their disruptive product and marketing strategy will prove to be a winning combination allowing them to scale rapidly.
Dev Bajaj, managing director, Dream Capital says, “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.”