Kalaari and Dream Capital lead Rs 19 Cr Series A round in Elevar

D2C sports brand Elevar has raised Rs 19 crore in its Series A round led by Kalaari Capital with participation from Dream Capital.

The funding proceeds will be used in building its team, expanding its product portfolio, and to ramp up its marketing efforts, said Elevar in a press release.

Co-founded by Kunal Joshi and Aayush Taapuriah, Elavar makes cricket bats and athletic performance footwear. The startup’s line of cricket bats claims to offer an enhanced batting experience, with an ergonomic handle and sophisticated grip technology.

The lead investor in this round, Kalaari Capital has made a total investment of about 187 including this round. Its portfolio companies include Dream11, Cashkaro.com, Cure.fit, Scoopwhoop and Myntra among others.

This is the first investment of Dream Capital, a $250 million worth fund that will focus on startups in sports, online gaming, and the fitness-tech space. It's the venture capital and merger & acquisition arm of Dream Sports, the parent company of gaming unicorn Dream11.