Agilitas Sports, founded by Abhishek Ganguly, the former managing director of Puma India and South-East Asia, has raised ₹100 crore from Nexus Venture Partners. This funding is aimed at developing a range of consumer brands in the sports footwear and apparel sectors.
Agilitas had secured ₹400 crore in May from funds managed by Convergent Finance LLP under Harsha Raghavan, and an additional ₹30 crore from individual investors.
The company, specializing in sportswear and athleisure, operates across various domains including manufacturing, product development, and retail. Earlier in the year, Agilitas Sports took over Mochiko Shoes Pvt. Ltd, a sports footwear manufacturer for brands like Adidas, New Balance, and Reebok.
The new funds are earmarked for boosting manufacturing capabilities and for launching new sportswear brands, either through acquisitions or partnerships with global and local brands, Ganguly told Mint in an interview.
Ganguly highlighted the diverse consumer base for sports footwear and apparel in India, prompting Agilitas's entry into sports retailing. The company is considering acquiring online-first sportswear brands or forging long-term distribution agreements with established international or local brands.
Agilitas plans to license global brands with a strong heritage and also pursue acquisitions to build a comprehensive platform encompassing manufacturing, design, product development, distribution, and marketing, Ganguly added.
India’s sports apparel market, primarily driven by menswear, was valued at $14 billion in 2020 and is projected to reach $21 billion by 2023, according to a 2022 Anand Rathi Investment brokerage report. The overall sports sector in India, including media rights, apparel, sports nutrition, and sports equipment, is expected to grow from $27 billion in 2020 to $100 billion by 2027.
The Indian market already features major global brands like Nike, Skechers, Reebok, Puma, Adidas, Decathlon, and homegrown brands such as Blissclub.
Suvir Sujan of Nexus Venture Partners highlighted India's rapidly growing economy and the increasing trend towards an active and health-conscious lifestyle. "Therefore, we are aligned with the vision of the company of Agilitas for Propelling a Generation through Sports," Sujan said.
