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 USD 3.5 billion, and growing at the rate of 15-20 per cent, the statement said.