Sports brand Elevar raises Rs 19 cr in funding from Kalaari Capital, Dream Capital

PTIUpdated: Monday, August 30, 2021, 07:36 PM IST
article-image
Launched in 2018, Elevar is a direct-to-consumer sports brand that currently has two core product categories - athletic performance footwear and cricket bats/ Representational image |

Sports brand Elevar on Monday said it has raised Rs 19 crore in the Series A round of funding from venture capital firm Kalaari Capital and Dream Capital.

The company will utilise the funds towards expanding its product portfolio, increasing its marketing efforts and building its team.

Launched in 2018, Elevar is a direct-to-consumer sports brand that currently has two core product categories - athletic performance footwear and cricket bats.

"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," Elevar co-founder Kunal Joshi said.

The sports footwear market in India alone is $3.5 billion, and growing at the rate of 15-20 per cent, the statement said.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Rate hike of 50 points on the cards as RBI panel meets on Wednesday

Rate hike of 50 points on the cards as RBI panel meets on Wednesday

Lack of confidence among lenders reportedly halts grounded Jet Airways’ comeback

Lack of confidence among lenders reportedly halts grounded Jet Airways’ comeback

Gurugram-based firm Blade orders 200 electric air taxis to be deployed in five years

Gurugram-based firm Blade orders 200 electric air taxis to be deployed in five years

China will feel isolated, globalization at inflection point: Asia's richest man Gautam Adani

China will feel isolated, globalization at inflection point: Asia's richest man Gautam Adani

Sundar Pichai says fun isn’t all about money, while defending cost cutting at Google

Sundar Pichai says fun isn’t all about money, while defending cost cutting at Google